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Singaporean digital customer services provider TDCX raises US$349 million in US IPO
- TDCX is only the second Singapore firm to list in the US following Sea Limited’s US$884 million IPO in 2017
- Company will begin trading on the New York Stock Exchange on Friday
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TDCX, the Southeast Asian digital customer service and marketing provider to technology firms and blue-chip companies, said on Friday that it had raised US$349 million in an initial public offering (IPO) in New York, making it only the second Singaporean company to publicly list its shares on an American bourse.
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The company said it sold 19.4 million American depositary shares at US$18 a share and will begin trading on the New York Stock Exchange (NYSE) later on Friday. The company had targeted selling its shares between US$16 and US$18 a share.
TDCX has granted its underwriters the option to purchase an additional 2.9 million shares. If the overallotment is fully exercised, the gross proceeds from the offering will top US$401 million.
The company’s offering follows Singapore gaming and e-commerce firm Sea Limited’s US$884 million IPO in 2017 and comes ahead of the highly anticipated listing of Grab Holdings, Southeast Asia’s most valuable technology unicorn, after it agreed to merge with a US-listed special purpose acquisition company (SPAC) in April. Grab plans to complete its merger in the fourth quarter.
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It’s obviously a very, very exciting day and an exciting time for us,” said Laurent Junique, the company’s founder and CEO. “TDCX is the best friend to fast-growing, new economy companies. We help them to solve complex customer issues. We help them to growth their business, primarily in Asia-Pacific.”
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