The company, which provides human resources, procurement, and finance and accounting outsourcing, intends to offer about 86 million ordinary shares at a price of between 210 pence and 240 pence per share, resulting in gross proceeds of about 193m pounds ($386.8m) and a market capitalization of 500m pounds ($1.0bn). The flotation is expected to take place on April 30.
Xchanging said the money raised through the IPO would be used to establish new enterprise partnerships and pursue strategic acquisitions.
Private equity firm General Atlantic, which owns a 54% stake in Xchanging, will sell approximately 38 million of its existing shares, around 35% of its aggregate shareholding, and could sell a further 13 million shares due to an over-allotment option.
Xchanging recorded net profit of 17.1m pounds ($34.3m) in 2006, up from 13.6m pounds ($27.3m) in the same period of the previous year, on revenue that grew 12% to 393.5m pounds ($788.7m).
