Coforge, an Indian IT services and solutions provider formerly called NIIT Technologies, withdrew its plans for an initial public offering in the US on Wednesday, Renaissance Capital reported.
It had initially filed in November 2021 to raise an estimated $750 million from the sale of American Depository Receipts/Shares (ADS) in the US but had not updated its prospectus since July 2022. ADS serves as a means for non-US companies to raise capital from the US public markets.
Coforge is currently listed on the National Stock Exchange of India and BSE Ltd.
The company was previously backed by the Hong Kong-based private equity firm BPEA EQT before it sold the last of its stake through a $924-million block deal in August last year.
This followed the PE firm’s sale of 3.5% of its stake in Coforge for $108 million in a secondary market transaction in May. In February 2023, BPEA EQT sold 9.8% of its stake in Coforge for $294 million, according to Venture Intelligence. Additionally, in 2022, it sold a portion of its stake in the firm for $335 million.
Founded in 1992, Coforge offers digital services and solutions globally, it prioritises product engineering and harnesses cloud, data, integration, and automation technologies to drive client transformation. The firm has a presence in 21 countries with 26 delivery centres across nine countries.
According to its website, Coforge has more than 250 global clients, 23,000 globally distributed employees, over 30 sales and delivery offices, and about 3,000 industry-leading consultants.
For the 12 months ended March 31, 2022, the company recorded revenue of $783 million. It had intended to list on the NYSE under the symbol COFO. The joint bookrunners for the deal were expected to be Citi, J.P. Morgan, Barclays, BofA Securities, Evercore ISI, Credit Suisse, and Deutsche Bank.
