Ibex Holdings to Raise US$60 Million in Initial Public Offering

The Washington DC-based firm says it would float 4 million shares at a price range of US$14 to US$16.

Ibex Holdings

BPO provider Ibex Global’s parent firm Ibex Holdings has unveiled plans to raise US$60 million through an initial public offering (IPO) on Nasdaq.

The Washington DC-based holdings firm plans to float 4 million shares at a price range of US$14 to US$16.

The proposed flotation of 25% of Ibex’s shares – the minimum float required by the stock exchange – is expected to value its equity at as much as US$115 million.

The principal shareholder of the company is The Resource Group International Limited, which is controlled by TRG Pakistan Limited (TRGP), a publicly traded company in Pakistan. TRGP will remain the outsourcer’s majority shareholder with a 60% stake post-flotation.

Founded in 2004, Ibex Holdings posted US$353 million in sales for the 12 months ended December 31, 2017.

The call center firm may use the proceeds to pay down its US$17 million of net debt and fund its expansion into new markets.

Ibex runs call centers for some of the world’s largest telecoms, consumer electronics, and financial services companies, and employs 3,900 full-time staff in 16 locations across the world.

It provides call center services in 11 languages, including Danish, Swedish, Polish, Mandarin, Cantonese,  and Hindi.

Until 2015, Ibex had no Nearshore presence, but in the past couple of years it has built a strong base with the launch of large delivery centers in Jamaica and Nicaragua.

In an interview with Nearshore Americas in 2016, Ibex Global CEO Robert Dechant called his nearshore strategy a “double-barreled” approach to tapping local talent.

The BPO provider is expanding rapidly in Jamaica, with experts expecting the company’s headcount in the Caribbean country to reach 5,000 in the near future.

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