WNS (Holdings) prices Initial Public Offering

WNS (Holdings) Limited, the parent n company of WNS Global Services Limited, a leading provider of offshore business process outsourcing (BPO) services, today announced that it has priced its initial public offering of 11,202,708 American Depositary Shares (ADSs) at a price of $20.00 per ADS.  The company's ADSs will begin public trading on the New York Stock Exchange on July 26, 2006 under the symbol "WNS".

Of the total offering of 11,202,708 ADSs (with each representing the right to receive one ordinary share of WNS (Holdings) Limited) sold in the offering, 4,473,684 ADSs were sold by the company, while 6,729,024 ADSs were sold by certain shareholders, including British Airways.

In connection with the offering, certain of the selling shareholders, including Warburg Pincus, have granted to the underwriters an option to purchase up to an additional 1,561,000 ADSs to cover over-allotments.

WNS has stated that it intends to use net proceeds from the sale of the ADSs by the company for general corporate purposes, including capital expenditures and working capital, and for possible acquisitions of businesses and delivery platforms. WNS will not receive any proceeds from the sale of ADSs by the selling shareholders.

Morgan Stanley & Co. International Limited, Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated were the joint book runners of the offering.  Citigroup Global Markets Inc. and UBS Securities LLC served as co-managers.

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