Singapore’s TDCX Raises $348 Million in Expanded U.S. IPO

(Bloomberg) -- Singapore-based TDCX Inc., a provider of digital customer experience solutions, expanded its U.S. initial public offering and priced the shares at the top of a marketed range to raise $348 million.

The company sold almost 19.4 million American depositary shares on Thursday for $18 each, according to data compiled by Bloomberg. It had marketed 18.8 million for $16 to $18 each.

The listing gives the company a market value of about $2.6 billion based on the outstanding shares listed in its filings.

TDCX is only the second Singaporean firm to raise funds through an IPO in the U.S. this year, excluding special purpose acquisition companies. It follows software solutions company Karooooo Ltd., which raised about $34 million in April including the over-allotment option. 

U.S.-listed Singaporean online gaming and e-commerce firm Sea Ltd. this month raised about $6 billion in a sale of shares and convertible bonds, the biggest ever equity offering by a Southeast Asian company. 

TDCX has a presence in Asia, Europe and Latin America. It posted revenue of $187 million for the six months ended in June, about 20% higher than the same period a year before, according to a filing. Facebook Inc. and Airbnb Inc. are listed among its clients.

The Singaporean company plans to use proceeds to repay debt, expand into new markets and potential acquisitions.

The offering was led by Goldman Sachs Group Inc. and Credit Suisse Group AG. The shares are expected to begin trading Friday on the New York Stock Exchange under the symbol TDCX.

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