ExlService Holdings, Inc. (EXL), a third party business process outsourcing company, has filed for an initial public offering in the US. In a press release, the company announced that it has filed a Registration Statement on Form S-1 with the Securities and Exchange Commission (of the US) for an initial public offering of common stock. Citigroup Global Markets Inc. and Goldman, Sachs & Co. will act as joint lead book-running managers for the offering. The co-managers for the offering will be Merrill Lynch & Co. and Thomas Weisel Partners LLC.
ExLService, which has facilities in NOIDA near Delhi and Pune, had revenues of $43.1 million for the nine months ended September 30, 2004, representing a 126.8 % growth over the nine months ended September 30, 2003 when it was $19.0 million. The company offers a range of BPO services, including insurance services, banking and financial services, finance and accounting services and collection services. It has clients mainly in North America and the United Kingdom, with these two regions generating approximately 48.0% and approximately 52.0% of its revenues, respectively, during the nine months ended September 30, 2004.
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