Friday, September 24

Siemens-backed Thoughtworks prices IPO above target range, raises $774 mln


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Thoughtworks Holding Inc, a software consultancy company backed by Germany’s Siemens AG, said on Tuesday it priced its initial public offering (IPO) above the target range of $18-$20 apiece to raise about $774 million.

The company said it sold 16.4 million shares at $21.00 per share. Other investors, including funds advised by Apax Partners, also sold about 20.4 million shares.

With its previously targeted price range, Thoughtworks had aimed for a valuation of about $6.10 billion.

The 28-year-old firm has clients such as Canadian wireless carrier Telus Corp, US supermarket chain Kroger Co and payments company PayPal Holdings Inc.

The company filed the paperwork with regulators under the name Turing Holding Corp, but is planning to change it to Thoughtworks Holding Inc before the completion of the IPO process. (Reporting by Shubham Kalia in Bengaluru; editing by Uttaresh.V)



financialpost.com

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