Coforge spurts after filing for ADR IPO in US

Coforge rose 5.29% to Rs 5786.85 after the company said it filed papers with the US SEC (Securities Exchange Commission) for an initial public offer via the ADR (American Depository Receipts) route.

As of 30 September 2021, Baring Private Equity Asia, through Hulst B.V.'s shareholding in Coforge, beneficially held approximately 50.18% of the company's total outstanding equity shares. Hulst B.V. will be one of the selling shareholders.

In a disclosure to the stock exchanges dated 15 November 2021, Coforge said that its board of directors passed resolutions for approval of the ADR offer, adding that shareholders interested in participating in the ADR offer could indicate their interest between 18 November to 2 December.

On a consolidated basis, Coforge reported 18.7% rise in net profit to Rs 146.7 crore in Q2 FY22 from Rs 123.6 crore in Q1 FY22. Revenues increased by 7.4% QoQ to Rs 1,569.4 crore during the quarter. In dollar terms, the company's revenue in Q2 FY22 was $212.8 million (up 6.5% QoQ and 37.4% YoY).

Coforge is a leading global IT solutions organization. Its proprietary platforms power critical business processes across the financial services and travel industries.

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