Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):
Indian Outsourcing Firm Plans IPO
Summary: Mubai, India based outsourcing firm WNS is planning to float an IPO on the NYSE this Wednesday under the symbol 'WNS'. The company, which focuses on back-office services for the travel and financial services industries, hopes to sell up to $208 million in stock. Net income for WNS' last fiscal year was $18.3 million, compared with a net loss of $5.8 million the previous year. It joins other Indian outsourcers such as Infosys (NASDAQ:INFY) and Wipro (NYSE:WIT), but the whole sector is challenged now by rising Indian wages and increased competition; WNS's employee attrition rate is about 30%.
Comment on related stocks/ETFs: See more in WNS' S-1 excerpts. Infosys' recent report of strong earnings should give this deal a boost. See INFY's conference call transcript for more insight to the sector as it currently stands.