Sayenko Kharenko acted as legal counsel to UBS, Credit Suisse, J.P. Morgan, VTB Capital and Cowen and Company, joint bookrunning managers of the initial public offering by Luxoft Holding, Inc (“Luxoft”), a leading Central and Eastern European IT service provider.
As part of the offering at the New York Stock Exchange about 12.5% shares of the company were sold to the investors at the price of USD 17 per share. In the course of the IPO 4 705 880 shares were sold (including the over-allotment shares) which raised almost USD 69.7 million. Luxoft received almost USD 35 million out of this amount, even though it initially anticipated to raise USD 31.1 million according to its regulatory filing.
This demonstrates substantial interest to the company operating in the fast developing sector of IT, despite the state of the global economy and difficult conditions in the world markets.
Luxoft is a leading provider of software development services and innovative IT solutions to a global client base consisting primarily of large multinational corporations. Its Ukrainian subsidiary is the region’s leading IT outsourcing provider with more than 2400 professionals serving more than 40 global clients.
Sayenko Kharenko’s team for the current transaction included managing associate Yuriy Draganchuk and associate Olga Kovernyk and was led by partner Nazar Chernyavsky.