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Luxoft (LXFT) posts a strong IPO. After pricing its 4.1M-share offering at $17, the...

Luxoft (LXFT) posts a strong IPO. After pricing its 4.1M-share offering at $17, the Central/Eastern European IT outsourcing firm opened $18.55 and has quickly shot up to $20.24, good for a 19.1% gain. That gives the company a valuation of $660M, or 2.1x FY13 (ended March '13) sales and 18x earnings. Luxoft, which competes with fellow European outsourcing firm EPAM (EPAM +0.3%), received 46% of its FY13 sales from European clients, and 42% from North American clients. The company is a unit of Russia's IBS Group, which still owns 82.9% of voting rights. (F-1)
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