IPO
EQT-owned IT services co. Virtusa seeks India-based investment banks for IPO
Massachusetts, US-based Virtusa , an information technology services provider owned by EQT, is in talks with domestic investment banks to join its syndicate ahead of a proposed initial public offering (IPO) in India. The company has already engaged Citigroup, Morgan Stanley, and JPMorgan Chase for the planned offering, targeted for 2027. The company is currently finalising its holding structure, and the appointment of local banks is expected to conclude once these internal discussions are settled.Founded in 1996, Virtusa provides digital engineering and IT outsourcing services across multiple geographies. It maintains IT delivery centers in Hyderabad, Chennai, Bengaluru, Mumbai, and Gurugram, with approximately 86.2% of its 47,000 employees concentrated in South Asia.The firm went private in 2021 following its acquisition by Baring Private Equity Asia for approximately USD 2-B, before being brought under EQT Group control after a merger in 2022. The proposed IPO could value the firm at USD 7-B or more.
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