Mumbai, July 26: WNS Global Services Ltd has become the first Indian BPO company to be listed on the New York Stock Exchange.

Parent firm WNS Holdings Ltd’s co-founder and group CEO Neeraj Bhargava rung the opening bell on the NYSE today.

The company was listed following a successful initial public offering of its 11.2 million American depositary shares (ADS), through which it raised over Rs 1,000 crore ($224 million). The initial public offering was oversubscribed by 10 times and was priced at $20 per share, which was at the top end of the price band of $18-$20.

The company began trading on the NYSE under the symbol WNS. At $20 per ADS, its market cap stood at $880 million.As part of the offering, Warburg Pincus, one of the largest shareholders in WNS, has brought down its stake to 53.6 per cent from 64.7 per cent. British Airways’s stake in the company has also come down to zero from 14.06 per cent.

Talking to reporters on a conference call, Bhargava said the sale proceeds would be used towards working capital and capex requirements. It will also be utilised for possible acquisitions of businesses and delivery platforms.

“The only reason for listing on the NYSE is the liquidity it provides. We are looking at new clients in the Latin American market and this will help us,” he added.

HDFC chairman Deepak Parekh will be one of the two independent directors on the board of WNS.

“Increasingly, we will include more and more independent directors as required by regulations,” he said.

The company is not contemplating listing on the domestic bourses now. The IPO also includes a green-shoe option to purchase an additional 1,561,000 shares from various shareholders.