Software Developer Luxoft Jumps in NYSE Debut

June 26 (Reuters) – Shares of Luxoft Holding Inc, a provider of software and consulting services to companies such as Boeing Co and UBS, soared in their New York debut, mirroring the strong performance of rival Epam Systems Inc last year.
* Luxoft and parent IBS raise $35 mln each
* IPO priced at $17, in the middle of range
* Shares rise as much as 23.5 pct
* Company valued at about $684 mln
Luxoft shares rose as much as 23.5 percent to $21 in morning trade on the New York Stock Exchange, valuing the unit of Russian IT group IBS Group at about $684 million.
“We will continue to grow our business at around 20 percent this year,” Luxoft Chief Executive Dmitry Loschinin told Reuters on Wednesday after the company’s stock started trading.
“We are going to continue providing the same margins, which we have been doing in the past,” he said.
Luxoft recorded an operating margin of about 14 percent in the year ended March 31 on sales of $314.6 million and net income of $37.5 million. About 90 percent of its sales came from North America and Europe.
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