ICICI OneSource (I-OneSource), which filed papers for its initial public offering of 95.6 million (9.56 croroe) shares on Thursday, has been rechristened FirstSource.
According to Ananda Mukerji, CEO and MD of FirstSource, the name change is a step towards creating an independent identity. "With both ICICI OneSource and ICICI Bank going global, there was some confusion about the name. The new identity should solve this problem."
The IPO will include a fresh issue of 60 million (6 crore) shares of Rs 10 each, and sale of 35.6 million (3.56 crore) shares by ICICI Group. The price will be determined through the 100% book-building process.
The paid-up capital after the issue will be Rs 416 crore (Rs 4,16 billion), and the IPO will constitute 23 per cent of the post-issue
ICICI Group, which currently holds nearly 50 per cent stake, will see its holding drop to 34 per cent but will continue to remain the principal stakeholder in the company.
Sequoia, Temasek and Metavante hold the remaining 50 per cent, and the stake of Sequoia will be around 9 per cent post the IPO.
FirstSource currently has 9,000 employees, and 17 delivery centres in India, US, UK, Argentina and the Phillipines.
The IPO proceeds will be used for retiring $10 million debt out of the total debt of $22 million, and funding acquisitions. The company has earmarked Rs 180 crore (rs 1.8 billion) for acquisitions.
