UK’s Endava closes its public offering at around $60.1 million

London-based IT services to finance company Endava announced the closing of its initial public offering of 7.2 million american depositary shares (ADSs), each representing one class A ordinary share of Endava, at a price to the public of $20.00 per share.

The number of ADSs issued at closing reflects the exercise in full of the underwriters’ option to purchase up to an additional 951,000 ADSs at the initial public offering price less underwriting discounts and commissions.

Endava received approximately $60.1 million in proceeds from the offering, net of underwriting discounts and commissions, but before estimated offering expenses.

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Credit Suisse Securities and Deutsche Bank Securities Inc. acted as joint book-running managers for the offering.