The Mumbai-based company was set up in 2002, and its largest shareholder is ICICI Group, though other major shareholders include Metavante Corp, Temasek Holdings, and WestBridge Capital Partners. The proposed IPO will include 60 million new shares and 35 million of ICICI Group’s shares, reducing its holding to 34% from just under 50%.
Although the company did not say how much it hopes to raise, the new shares are expected to bring in at least $60m through listings on the National and Bombay exchanges. The move comes soon after the successful listings by rival Indian firms EXL Service and WNS Global Services, which both opted to hold IPOs in the US.
ICICI also revealed a new logo to go with its easier-to-say moniker. What may look to those uneducated in the skills of corporate marketing as a circular squiggle, is apparently a dynamic ellipse that moves in an upward and outward trajectory from a definite source, while its yellow, orange, and red colors somehow manage to convey knowledge, light, dynamism, transformation, and passion.
