Coforge files for US IPO via ADR route; Barings PE Asia to sell part stake

Coforge files for US IPO via ADR route; Barings PE Asia to sell part stake

File image of NYSE (Source: Reuters)



Top global IT solutions firm Coforge has filed papers with the United States Securities Exchange Commission (SEC) for an initial public offering (IPO) via the American Depository Receipts (ADR) route. Barings Private Equity Asia will sell part stake as part of the proposed transaction.

Coforge, which was formerly NIIT Technologies, is promoted by Barings Private Equity (PE) Asia and is listed on the domestic bourses.

The deal was first reported by Moneycontrol in a late evening newsbreak on November 15

The move comes after recent management commentary that Coforge’s investments in segments such as product engineering, cloud, data, automation and integration capabilities would help it become a $1 billion-plus firm next year.

In a disclosure to domestic exchanges, the firm said it filed a Form F-1 registration statement with the US regulator and that its board of directors had approved New York Stock Exchange (NYSE) as the selected stock exchange for the ADR offer. Shareholders interested in participating in the ADR offer, can indicate their interest between November 18 and December 2, 2021.

The official ADR offer filing confirmed that Baring would be among the selling shareholders. It wasn’t immediately clear how much stake would be sold by