WNS (Holdings) Limited - August 2006

Robert Hickling and John Rainer advised WNS (Holdings) Limited (WNS) in relation to its initial public offering of American Depositary Shares (ADSs) on the New York Stock Exchange (NYSE), which raised $224 million.

The IPO, which was registered with the Securities and Exchange Commission, involved both a primary and secondary offering of ADSs and was underwritten by Morgan Stanley, Deutsche Bank, Merrill Lynch, Citigroup and UBS. In addition to raising capital, the purpose of the NYSE listing was to raise the WNS profile in the US and strengthen its brand name.

WNS is a market leader in business process outsourcing (BPO) and is the first Indian BPO provider, and only the tenth Indian business, to list on the NYSE. WNS provides comprehensive data, voice and analytical services in target industry sectors. It offers its services through industry-focused business units which are travel, banking, financial services and insurance, and emerging businesses which include manufacturing, logistics, retail, utilities and professional services. WNS migrates the business processes of clients, which are typically companies located in Europe and North America, to delivery centres located primarily in India.