Coforge files for US IPO through ADS route

Mid-size IT services provider Coforge, formerly NIIT Technologies, will list its shares in the United States through the American Depositary Shares (ADS) route.

On Tuesday, the Baring Asia Private Equity-promoted firm said it had filed the Registration Statement on Form F-1 with the US Securities and Exchange Commission in connection with its proposed initial public offering (IPO) of ADS representing its equity shares.

Shares of Coforge closed at Rs 5,745 on news of the US listing, up 4.5%.


The number of equities to be represented by each ADS, the number of ADS to be offered and the price range of the proposed offering have not yet been determined.

The selling shareholders of the ADS will be identified through an invitation to participate in the offering.

All equity shareholders holding shares of Coforge after the Identified Date and up to December 2 (the “Offer Closing Date”) are eligible to offer their shares for sale in the IPO.

The offering is being made through an underwriting group led by Citigroup Global Markets and JP Morgan Securities, who are acting as global coordinators and lead bookrunners.

Barclays Capital, BofA Securities, Evercore Group, Credit Suisse Securities (USA), Deutsche Bank Securities, Robert W. Baird & Co, Cowen and Company, Needham & Company, and William Blair & Company are acting as additional bookrunners.

In June 2020 the company changed its name from NIIT Technologies to Coforge following its sale to Baring Asia PE in April 2019.