Coforge eyes US IPO after public market revives: CEO

BENGALURU: IT services company Coforge is hoping its US IPO will happen soon. In the last fiscal, it spent Rs 52 crore towards provisioning for American depositary receipts (ADRs).

CEO Sudhir Singh said, "We had spoken about the ambition of the firm to become the third US-listed India-based firm after Infosys and Wipro. All expenses we have incurred we have provisioned for, and these will be reversed when the ADR happens and we will collect it from shareholders who are selling shares," he told TOI.

Coforge filed the ADR registration statement with the US SEC in 2021. Asked about the timing of the ADR listing, Singh said, "We keep refilling and refreshing F1 (registration statement under the Securities Act) every four months. So, we will continue doing that till we think the market has normalised. We will wait for the market sentiment to normalise, only then we will pull the trigger."

Coforge crossed $1-billion revenue in FY23, growing 22% YoY in constant currency.