Friday, August 03, 2007

Virtusa Raises $61.1 Million in IPO; Share Price Drops - Westborough, MA

Virtusa, a Westborough-based provider of IT consulting, technology implementation and application outsourcing services, on Friday morning priced its initial public offering of stock to raise a total of $61.1 million. The company sold 4.4 million shares priced at $14 per share in the deal. Founded in 1996, Virtusa has offices in the U.S. and U.K., and "global delivery centers" in India and Sri Lanka. Shares in Virtusa were down $0.99 at $13.01 in mid-afternoon trading on Friday, a loss of about 7%.


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