More IPOs due out this week: Genpact Ltd (NYSE:G) an offshore IT and BPO service provider; Sucampo Pharmaceuticals (NASDAQ:SCMP) an emerging pharmaceutical company that develops proprietary drugs based on prostones; and Virtusa Corp. (NASDAQ:VRTU) an offshore IT services provider.
All quotations are from the companies' most recent S-1 filings with links provided.
We manage business processes for companies around the world. We combine our process expertise, information technology expertise and analytical capabilities, together with operational insight derived from our experience in diverse industries, to provide a wide range of services using our global delivery platform. Our goal is to help our clients improve the ways in which they do business by continuously improving their business processes, including through the application of Six Sigma and Lean principles and by leveraging technology. We strive to be a seamless extension of our clients' operations.
Offering: 35.3 million shares at $16.00 - $18.00 per share. Net proceeds of approximately $273 million will be used to repay revolving loan indebtedness outstanding under the company's credit facility; the remainder of the net proceeds will be used for working capital and general corporate purposes.
Lead Underwriters: Morgan Stanley, Citi, J.P. Morgan
Our net revenues increased by $121.2 million or 24.6% [ from $491.9 million in 2005 to $613.0 million in 2006]... Cost of revenue increased by $56.9 million or 18.7%. [ from $304.0 million in 2005 to $360.9 million in 2006]... Net income increased by $22.7 million from $17.1 million in 2005 to $39.8 million in 2006. As a percentage of net revenues, our net income was 3.5% in 2005 and 6.5% in 2006.
Sucampo Pharmaceuticals, Inc. is an emerging pharmaceutical company focused on the discovery, development and commercialization of proprietary drugs based on prostones, a class of compounds derived from functional fatty acids that occur naturally in the human body. The therapeutic potential of prostones was first identified by one of our founders, Dr. Ryuji Ueno. We believe that most prostones function as activators of cellular ion channels and, as a result, may be effective at promoting fluid secretion and enhancing cell protection, which may give them wide-ranging therapeutic potential, particularly for age-related diseases. We are focused on developing prostones with novel mechanisms of action for the treatment of gastrointestinal, respiratory, vascular and central nervous system diseases and disorders for which there are unmet or underserved medical needs and significant commercial potential.
Offering: 3.8 million shares at $14.00 - $16.00 per share. Net proceeds of approximately $38.6 million will be used to fund post marketing studies, to fund product development and regulatory activities, to fund expansion of commercialization activities, for working capital and general corporate purposes.
Lead Underwriters: Cowen & Company, CIBC World Markets
Total revenues were $59.3 million in 2006 compared to $40.2 million in 2005, an increase of $19.1 million... Total research and development expenses for the year ended December 31, 2006 were $16.4 million compared to $31.2 million for the year ended December 31, 2005, a decrease of $14.8 million... General and administrative expenses were $14.6 million for the year ended December 31, 2006 compared to $7.8 million for the year ended December 31, 2005, an increase of $6.8 million... Selling and marketing expenses were $11.1 million for the year ended December 31, 2006 compared to $295,000 for the year ended December 31, 2005, an increase of $10.8 million.
We are a global information technology services company. We use an offshore delivery model to provide a broad range of information technology, or IT, services, including IT consulting, technology implementation and application outsourcing. Using our enhanced global delivery model, innovative platforming approach and industry expertise, we provide cost-effective services that enable our clients to use IT to enhance business performance, accelerate time-to-market, increase productivity and improve customer service. Headquartered in Massachusetts, we have offices in the United States and the United Kingdom and global delivery centers in Hyderabad and Chennai, India and Colombo, Sri Lanka. We have experienced compounded annual revenue growth of 50% over the five-year period ended March 31, 2007.
Offering: 4.4 million shares at $14.00 - $16.00 per share. Net proceeds of approximately $57 million will be used to construct and build out a facility on our planned campus in Hyderabad, India, for working capital and other general corporate purposes, including to finance the expansion of global delivery centers or capacity in Chennai, India and Colombo, Sri Lanka, the hiring of additional personnel, sales and marketing activities, capital expenditures and the costs of operating as a public company.
Lead Underwriters: J.P. Morgan, Bear Stearns
Revenue increased from $76.9 million in the fiscal year ended March 31, 2006 to $124.7 million in the fiscal year ended March 31, 2007, representing an increase of $47.7 million, or 62.0%... Costs of revenue increased from $43.4 million in the fiscal year ended March 31, 2006 to $68.0 million in the fiscal year ended March 31, 2007, an increase of $24.6 million, or 56.7%... Our gross profit increased from $33.5 million in the fiscal year ended March 31, 2006 to $56.6 million in the fiscal year ended March 31, 2007, an increase of $23.1 million, or 69.0%, due to increases in our revenue.