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EPAM Systems, Inc. (the “Company”) announced on February 7, 2012 the pricing of its initial public offering of 6,000,000 shares of common stock at a price to the public of $12.00 per share. The Company is offering 2,000,000 shares of common stock and the selling stockholders are offering an aggregate of 4,000,000 shares of common stock. The Company has also granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock to cover over-allotments, if any. The shares of common stock will trade on the New York Stock Exchange under the symbol “EPAM”.
The Company intends to use the net proceeds that it receives from this offering for general corporate purposes, such as for working capital, for acquiring facilities and for potential strategic acquisitions of, or investments in, other businesses or technologies that it believes will complement its current business and expansion strategies. The Company will not receive any of the proceeds from the sale of common stock by the selling stockholders.
Citigroup, UBS Investment Bank, Barclays Capital and RenCap are joint book-running managers for the offering, with Stifel Nicolaus Weisel and Cowen and Company acting as co-managers.
The offering will be made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained for free by visiting the Securities and Exchange Commission’s website at https://www.sec.gov/.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Established in 1993, EPAM Systems, Inc. is a leading global IT services provider with delivery centers throughout Central and Eastern Europe. Headquartered in the United States, EPAM employs over 7,000 IT professionals and provides services to clients worldwide using a global delivery model through its client management and delivery operations in the United States, Belarus, Hungary, Russia, Ukraine, UK, Germany, Kazakhstan, Sweden, Switzerland and Poland.