Ness was originally planning to offer 7,528,896 shares for a price between $15.00 and $17.00, which would have raised between $112.9m and $127.9m. However, the company announced on Wednesday, the day it was originally expecting to IPO, that that it would reduce the number of shares offered to 6,853,126 with a lower price of between $12.00 and $14.00, raising between $82.2m and $95.9m.
The company, which generated revenue of $225.8m in 2003, up 26% on 2002, with net profit of $3.5m, maintains its main offshore center in Israel, as well as running sites in India, and offices in Singapore, and the UK.
