TDCX (TDCX) IPO Opens Up 16%, Trends Lower

Today's IPO for TDCX (NYSE: TDCX) opened earlier at $20.95 after pricing its upsized 19,358,957 share offering at $18 per ADS, the top end of the expected $16-$18 range. Shares trended lower since the open, last trading at $20.01.

Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC are acting as the joint bookrunners for the offering.

Following the completion of this IPO, founder and CEO Laurent Junique will own 86.8% of the then total issued and outstanding ordinary shares and 98.5% of the total voting power.

For the six months ended June 30 this year, TDCX generated sales of S$251.6 million (US$187.2 million) and a profit of S$44.8 million (US$33.3 million). EBITDA came in at S$78.2 million (US$58.2 million). For the same six-month period, the profit margin was reported at 17.8%.

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