Chinese IT Service Company in Equity Offering
November 29, 2010
Cleary Gottlieb represented Citi as the sole underwriter in an $89.8 million SEC-registered follow-on primary public offering of American Depositary Shares of VanceInfo Technologies. The offering (including full exercise of the underwriter’s over-allotment option) closed on November 29. The offering was conducted as a variable price at the market equity offering.
VanceInfo is an IT service provider and is one of the leading offshore software development companies in China. VanceInfo is based in Beijing and its ADSs are listed on the New York Stock Exchange. Cleary Gottlieb was also counsel to the underwriters in VanceInfo’s U.S. initial public offering and NYSE listing in 2007 and its follow-on offering in 2009.