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Epam Seeks to Raise $133 Million in U.S. Initial Public Offering

Jan. 23 (Bloomberg) -- Epam Systems Inc., a provider of information-technology services, filed to raise as much as $133 million in an initial public offering.

The Newtown, Pennsylvania-based company plans to offer 7.4 million shares for $16 to $18 apiece, according to a filing today with the U.S. Securities and Exchange Commission. Epam plans to sell 1.5 million shares, while existing shareholders will offer 5.9 million, the prospectus shows.

Epam, founded in 1993, counted Coca-Cola Co. and Google Inc. among its 30 biggest customers in 2010, according to the filing. More than half of its revenue in 2010 came from North America. Epam will use proceeds from the IPO for general corporate purposes, including possible acquisitions.

Affiliates of Siguler Guff & Co. plan to trim their stake in the company to 41 percent after the IPO from 53 percent, according to the filing.

Epam posted revenue of $239.4 million in the nine months through September, an increase of 58 percent from the year-earlier period. Net income nearly doubled to $32 million from $16.7 million.

Citigroup Inc., UBS AG, Barclays Plc and Renaissance Capital of Moscow are leading the IPO. The shares will trade on the New York Stock Exchange under the symbol EPAM.

To contact the reporter on this story: Elizabeth Wollman in San Francisco at ewollman@bloomberg.net

To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net

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