The listing is the result of the merger of Scandent Group and the IT services business of SSI Ltd last year, as the company builds scale in order to compete with larger rivals such as Satyam and HCL Technologies. One new share in Scandent was issued in exchange for each share of SSI, and the shares started trading at INR 190 ($4.37), quickly ramping up to INR 228 ($5.24) before closing on its first day’s trading at INR 207 ($4.76). The company has also received permission to list on India’s Chennai and Ahmedabad stock exchanges.
Singapore-based Scandent concentrates on the financial services, manufacturing, and government verticals, and it is beginning to target contracts in the legal and education sectors. Earlier this month, Scandent announced plans to set up a fourth offshore development center in Chennai, which is expected to seat up to 400 staff. The company also has centers in Singapore and Bangalore.
