- Synechron, a technology and consulting services firm, has filed for an IPO confidentially, aiming for a valuation of $3 billion, with Goldman Sachs and JPMorgan Chase as lead underwriters.
- The move comes amidst a revival in the tech IPO market, following successful offerings by Reddit and Astera Labs, signaling renewed investor interest.
- Synechron, founded in 2001, offers generative AI services to enterprises globally, and is poised to leverage its IPO to raise over $400 million for expansion.
Synechron, a technology and consulting services company, has confidentially submitted paperwork for an IPO potentially in the first half of 2024, sources familiar with the situation revealed. Goldman Sachs and JPMorgan Chase are reportedly leading the underwriting efforts for the offering, which is anticipated to be publicly disclosed in the upcoming weeks.
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No immediate comments from Synechron and Goldman Sachs
The New York-based firm, specialising in generative artificial intelligence services for enterprises, aims to raise over $400 million, eyeing a valuation of around $3 billion, although specifics may change based on market conditions. Both Synechron and Goldman Sachs have refrained from immediate comments, while JPMorgan Chase has declined to provide a statement.
There is a potential resurgence in the tech IPO market
This move follows recent successful IPOs by tech entities like Reddit and Astera Labs, signalling a potential resurgence in the tech IPO market, which has faced challenges due to market instability and high-interest rates over the past couple of years. Amidst this backdrop, numerous tech unicorns, previously compelled to delay IPO plans, are revisiting discussions with investment banks and IPO advisers, buoyed by the recovery of equity capital markets.
Established in 2001, Synechron delivers IT and consulting services across various sectors, including financial services, insurance, and technology, boasting a workforce exceeding 15,000 employees and maintaining 48 offices across 19 countries, according to its official website.
