NEW YORK (AP) -- Luxoft Holding Inc. has raised almost $69.7 million from an initial public offering of its common stock.
The software development services provider priced the offering at $17 per share, the midpoint of the expected range of $16 to $18 per share.
Both Luxoft and its parent company, IBS Group Holding Ltd., are offering the same amount of stock in the IPO which totals about 4.1 million shares. IBS is a software development and information technology services provider in Eastern Europe.
Luxoft, which is based in the British Virgin Islands, won't receive any proceeds from the shares sold by IBS.
Luxoft said in a regulatory filing that it anticipates net proceeds of about $31.1 million, based on the IPO pricing at $17 per share.
The underwriters are being given a 30-day option to buy up to an additional 613,810 shares to cover any excess demand. Luxoft anticipates net proceeds of approximately $35.9 million if the underwriters fully exercise their option.
Luxoft said that it plans to use its proceeds after expenses related to the offering for working capital and other general corporate purposes.
For the year ended March 31, Luxoft had net income of $37.5 million on revenue of $314.6 million.
The shares are expected to start trading on the New York Stock Exchange under the "LXFT" ticker symbol on Wednesday.
The offering is targeted to close on July 1.