Kanbay International, Inc. Announces Pricing of Its Initial Public Offering
ROSEMONT, Ill., July 22 /PRNewswire-FirstCall/ -- Kanbay International, Inc. (Nasdaq: KBAY) announced today that its initial public offering of 7,150,000 shares of common stock was priced at $13.00 per share. Kanbay has agreed to sell 5,362,500 shares and a selling stockholder has agreed to sell 1,787,500 shares. The shares will be listed on the Nasdaq National Market under the symbol KBAY and will begin trading today. In addition, the underwriters have a 30-day option to purchase up to 1,072,500 additional shares from certain selling stockholders to cover any over-allotments.
UBS Securities LLC is acting as the sole book-running manager of this offering. Robert W. Baird&Co. and Janney Montgomery Scott LLC are acting as co-managers. The offering of the securities is being made only by means of a prospectus, copies of which may be obtained from UBS Securities LLC, Prospectus Department, 299 Park Avenue, New York, NY 10171.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on July 21, 2004. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Kanbay
Founded in 1989, Kanbay International, Inc. is a global IT services firm focused on the financial services industry. Kanbay provides its services primarily to commercial and retail lending institutions, insurance companies, card issuers, and securities and investment management firms. The company uses a global delivery model to provide application development, maintenance and support, software package selection and integration, business process and technology advice, network and system security, and specialized services. Kanbay is headquartered in suburban Chicago and has offices in the U.S., Canada, U.K., Australia, Hong Kong, Japan, Singapore and India.
