IT service provider EPAM Systems launches IPO

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 1, 2012 --

EPAM Systems, a global software development company with delivery centres across the Central and Eastern Europe region, announced the launch of its initial public offering. The company plans to offer 7,400,000 shares of its common stock at a price range of between USD16 and USD18 per share. Existing shareholders will sell about 5,882,353 shares while the company plans to offload 1,517,647 shares of common stock. The issue proceeds will be used for general corporate expenses and potential future acquisitions. Underwriters may be given an option to buy an additional 1,110,000 shares of common stock to cover any probable over-allotment. Renaissance Securities of Moscow, Citigroup, Barclays Capital and UBS Investment Bank are the underwriters to the issue.

EPAM(www.epam.com)
Founded by Arkadiy Dobkin in 1993, the Newtown, Pennsylvania based EPAM Systems employs about 7,000 professionals and has development centres in the US, UK, Russia, Germany, Sweden, Switzerland, Hungary, Poland, Ukraine, Belarus and Kazakhstan. The company counted Google, Coca-Cola, Citigroup, Expedia, Thomson Reuters and the Intercontinental Hotel Group among its top 30 clients, the filing showed. Revenue for the first nine months ended September 2011 soared 58 pc to USD239.4 million while profits grew 52 pc to USD 32 million from the year-earlier period.

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