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Ibex Ltd registers on NASDAQ top 10

Ibex Ltd registers on NASDAQ top 10

NEW YORK: Ibex Limited on Friday become the first BPO company to be publicly listed on NASDAQ in more than a decade.

Ibex, a leading global “customer experience” company provides services to help companies more effectively engage with their customers. The company offers broad-based integrated as well as customized solutions focused on specific client needs.

TRG Pakistan Limited in a statement announced that its indirect portfolio company, IBEX Limited, would initially offer 4,761,905 common shares at $19 per share. The company’s stake in IBEX, at the time of pricing, is approximately Rs18 billion (i.e. Rs 33/share), according to media.

Shares began trading on the Nasdaq Global Market on August 7, under the ticker symbol “IBEX” with the offering expected to close on August 11, 2020.

“The offering consists of 3,571,429 shares offered by Ibex and 1,190,476 shares to be sold by the selling shareholder. The underwriters have been granted a 30-day option to purchase up to an additional 714,285 common shares from the selling shareholder at the initial public offering price less underwriting discounts and commissions,” the statement said.

“Congratulations to every Ibex employee on this milestone of milestones. What this team has accomplished in my 5 years here as CEO is second to none. I’d like to thank our more than 22,000 remarkable employees for the amazing job they do each and every day. Ibex has established itself as the leader in BPO 2.0, where the Customer Experience is a competitive advantage for clients. I am thrilled to be leading the BPO 2.0 charge,” Ibex CEO Bob Dechant was quoted as saying by Finance Americas.

Citigroup and RBC Capital Markets are acting as joint book-running managers and as representatives of the underwriters. Baird, Truist Securities and Piper Sandler are acting as joint book-running managers for the proposed offering.

The Hamilton, Bermuda-based company was founded in 2004 and booked $392 million in revenue for the 12 months ended March 31, 2020.