VanceInfo Technologies Inc. (NYSE: VIT - News; "VanceInfo"), an IT service provider and one of the leading offshore software development companies in China, today announced that its follow-on public offering of 5,429,565 American Depositary Shares ("ADSs"), each representing one ordinary share of VanceInfo, was priced at $11.00 per ADS. Of the ADSs to be sold in the offering, 300,000 ADSs will be sold by VanceInfo, and 5,129,565 ADSs will be sold by selling shareholders. In addition, the underwriters have been granted an option to purchase up to an additional 814,435 ADSs from VanceInfo and the selling shareholders, within 30 days from the date of the prospectus, to cover any over-allotments.
VanceInfo intends to use the net proceeds from the offering, after deducting underwriting discounts and offering expenses, for general corporate purposes. VanceInfo will not receive any of the proceeds from the sale of ADSs by the selling shareholders.
Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. are serving as the joint bookrunners for this offering. Cowen and Company, Oppenheimer & Co. and Susquehanna Financial Group, LLLP are serving as co-managers.
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