IBEX Global Gets Listed on Nasdaq After Raising $90 Million in IPO

IBEX Global, an indirect portfolio company of TRG Pakistan, got listed on Nasdaq Global Market through its Initial Public Offering (IPO), raising $90 million.

IBEX is an outsourced customer support and marketing services provider that received a subscription of 4.8 million shares (75% primary) at $19. At pricing, the company commands a fully diluted market value of $358 million.

The company has been listed on Nasdaq under the symbol IBEX. Citi, RBC Capital Markets, Baird, Trust Securities, and Piper Sandler acted as lead managers on the deal.

According to the stock filing, the underwriters have been granted a 30-day option to purchase up to an additional 714,285 secondary shares at the initial public offering price not including underwriting discounts and commissions, it added.

The shares started trading on the Nasdaq Global Market from August 7, 2020, under the ticker symbol “IBEX,” and the offering is expected to close on August 11, 2020, subject to customary closing conditions.

TRG Pakistan’s pro-rated stake in IBEX, at the time of pricing, stands approximately at Rs. 18 billion.

IBEX Limited drove healthy revenues for TRG Pakistan’s balance sheet despite the COVID-19 pandemic that badly hit the economies of countries across the world.

During the nine months of the outgoing financial year, TRG reported a profit of Rs. 19.5 million as compared to losses in the tune of Rs. 65 million reported in the previous financial year. Besides IBEX Limited, TRG Pakistan also operates two subsidiaries that include e-Telequote, a health insurance marketing company, and Afiniti, an enterprise software subsidiary.

  • No they did not raise 90 million USD, they raised far less than that. The share price dropped about 19% on the first day.

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