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Kanbay Go Public?
Kanbay International Inc. today announced a planned Nasdaq IPO, thereby joining the recent parade.
While public offerings on Indian soil are nothing new for BPO firms (and over there they have been fetching skyhigh valuations), this is the first IPO in years by a US-based BPO. Kanbay expects to offer about seven million shares at $13 to $15 each, raising about $66 million mostly to finance further development of its Indian outsourcing facilities.
A smaller player among giants, Kanbay has 2,300 employees worldwide and reported 2003 revenues of $111 million. Headquartered in Rosemont, Illinois, it provides services primarily to commercial banks, insurers, card issuers, and securities and investment management firms. Clients include Mastercard and Ameritech.
The company has offices in North America, India, Australia and Southern Asia and has announced its intention to build a new facility in Pune, India.
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