Indian BPO major lists on NYSE

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Indian BPO major WNS listed on the New York Stock Exchange as co-founder and group CEO Neeraj Bhargava rang the opening bell on the bourse last night, reports CNBC-TV18.

WNS, previously a part of the UK-based airline giant British Airways, saw a successful IPO of its American depository shares.

The company raised over USD 224 million or Rs 1,000 crore through the issue, which was priced at USD 20 per ads. Going by this price, the company attracted an initial market capitalisation of nearly USD 800 million dollars, which translates to Rs 3,700 crores.

But of the USD 224 million, the company wil get only USD 89 million, as the balance will go to shareholders who sold their equity in the issue. WNS listed only 28% of its post-issue equity.

WNS CEO Neeraj Bhargav said that the market has responded well to the price of the issue and that he was a happy man.

British Airways has cashed out completely from WNS via this issue. But Bhargava added that he had no worries about British Airways renewing its contract with WNS.