TDCX to debut on NYSE in IPO that raises US$349m
SINGAPORE-headquartered TDCX, a digital customer experience (CX) services provider, was due to make its debut on the New York Stock Exchange (NYSE) on Friday. No trades had taken place as of 10am in New York.
The company had priced its initial public offering of American Depositary Shares (ADS) at US$18 per ADS in an offer of 19.4 million ADS. Each ADS represents one class A ordinary share, it said in a statement on Friday.
Gross proceeds from the IPO came to US$348.5 million, the company said.
Net proceeds from the IPO will be used to repay amounts outstanding under a term loan credit facility affiliated with Credit Suisse as well as fund general corporate purposes.
Goldman Sachs and Credit Suisse Securities (USA) are the joint book runners for the offering.
Founded in 1995 by chief executive Laurent Junique, TDCX provides business-process services such as omnichannel CX solutions, sales and digital marketing services, and content monitoring and moderation services. It has operations in 10 markets around the world and a workforce of more than 13,000.
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In its prospectus, the company said that it partners clients in fast-growing new-economy sectors and traditional blue-chip companies undergoing digital transformation.
In particular, Facebook and Airbnb account for the largest share of its revenue pie - at 60 per cent in 2020. Some 65 per cent of its revenue comes from its omnichannel CX solutions.
Amendment note: An earlier version of this headline incorrectly stated that the IPO will raise up to S$401 million, when it is in fact US$401 million.
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