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ICICI OneSource – FirstSource Indian BPO – IPO

November 27, 2006

Little did PE and VC investors in 2000-01 knew that Indian BPO operations will lead the second wave of IT outsourcing to India. Those with a vision invested and are now cashing out, prime example Warburg Pincus in WNS Holdings.

ICICI Ltd, India’s Citibank which is at the forefront of banking revolution in India invested in a BPO company ICICI OneSource [Renamed as FirstSource] and is now listing the company with an offer for sale of equity shares. ICICI has filed for the draft prospectus and is likely to sell 9.56 crore shares at a price to be determined by book building. Proceedings of the IPO are to be used for acquisitions in BPO space.

Other investors in the company are, Metavante Corp, Temasek Investments, West Bridge Capital and Sequoia Capital.

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