Russia-Backed Software Company Files for $80 Million US IPO

WASHINGTON, May 23 (RIA Novosti) – Luxoft Holding, Inc., a subsidiary of Moscow-based information technology services provider, IBS Group Holding Limited, has filed for an initial public offering (IPO) on the New York Stock Exchange.

The regulatory filing with the US Security and Exchange Commission (SEC) shows the company is preparing for an $80 million IPO. The number of shares to be offered and the price range for the offering have not yet been determined, the filing shows.

Luxoft has applied to have its shares quoted on the New York Stock Exchange under the ticker symbol “LXFT”.

Established in 2000, Luxoft provides software and IT solutions to clients in Europe, Asia and North America including Deutsche Bank and UBS, its two biggest customers.

Other clients include Credit Suisse, Dell, IBM, HP, Ford, Boeing, Hotwire, Alstom and T-Mobile.

According to the SEC filing, Luxoft increased sales by 16.4 percent “during the recessionary period between March 31, 2009 and March 31, 2010… which we believe substantially exceeded the revenue growth of most of our publicly listed peers during the same period.”

The company offers information technology services including software engineering, outsourcing services, business and IT consulting, business applications implementation and business intelligence.


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