Mumbai:

The company also announced that it had filed the Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) as a precursor to its planned listing on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Firstsource  proposes a public issue of 95.6 million equity shares of Rs10 each at a price to be determined by the 100-per cent book building process. This includes a fresh issue of 60 million equity shares and 35.6 million equity shares being offered for sale by the ICICI Group. The IPO would constitute 23 per cent of the post IPO capital of Firstsource.

DSP Merrill Lynch Limited and Deutsche Equities India Private Limited. are the Book Running Lead Managers (BRLM) to the IPO. ICICI Securities is the Co- Book Running Lead Manager to the issue.

When ICICI OneSource was set up in 2002, the ICICI Group was its only shareholder. Today global investors such as Metavante Corp, Aranda Investments (Mauritius) Pte Ltd, an affiliate of Temasek Holdings and WestBridge Capital Partners, now managed by Sequoia Capital India, hold significant stakes in the company.

While ICICI Group continues to be the single largest shareholder group, its holding in the company today is at less than 50 per cent.

It is therefore appropriate that the company now establishes a new brand identity of its own. The company has over the last four years grown significantly in scale and capabilities, with a CAGR of 74.4 per cent in revenues over the past two fiscal years and has built a customer base of over 60 customers including 13 Fortune 500 and FTSE 100 companies.

It is among India's top three pure play BPO companies with over 9,000 employees and 17 delivery centres across India, the US, the UK and Argentina and a centre under development in the Philippines.

Ananda Mukerji, MD and, CEO, Firstsource, said, "The rebranding to Firstsource is a natural evolutionary step for the company. We are proud to have been a company promoted by the ICICI Group. We are equally proud that today we have established our own brand and a leading position in our industry. With both the ICICI Group and us expanding rapidly overseas it is necessary that we establish our distinct identities.

"The name "Firstsource" captures our philosophy and mission: to be the first source of excellence for our customers and to be the first source that inspires and empowers employees to fulfill their aspirations. We feel fortunate that our name encapsulates our core mission. Our commitment to our clients and our employees is stronger than ever."

K V Kamath, MD and CEO, ICICI Bank, said, "It is extremely satisfying to see the rapid strides ICICI OneSource has taken. Today it is a leading player in the outsourcing field. Firstsource has a strong and experienced management team and I feel confident that Firstsource will continue to record aggressive growth as it builds on the foundation that we have laid. The ICICI Group will continue to be a significant investor in the company with board representation."