Wipro cuts US IPO price, sees lower net proceeds

WASHINGTON: Wipro Ltd. on Wednesday lowered its projected price for a US initial public offering to $52.48 per share from $63.86. The diversified information technology firm now expects to raise about $136.3 million, down 18 per cent from the previous expected amount of $166.2 million, it said in an amended prospectus filed with the US Securities and Exchange Commission.

The company, which started an international roadshow, still plans to issue 2.75 million American Depositary Shares and has applied to trade them on the New York Stock Exchange under the symbol "WIT". Wipro, which plans to use the proceeds from the IPO to acquire businesses and other general corporate purposes, last month filed to go public in the United States. The company's stock fell Rs 143.90 to Rs 2,283.15 on the Bombay Stock Exchange.

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