SIEGY - Thoughtworks sets terms for IPO that could value Siemens-backed consulting firm at $6B+

Thoughtworks Holding (TWKS) set terms Tuesday for an IPO that could value the software-consulting firm at up to $6.1B. The company wrote in a revised S-1 filing with the U.S. Securities and Exchange Commission that the firm and certain pre-IPO shareholders plan to offer some 36.8M shares at an expected $18-$20/share price range. Thoughtworks (TWKS) will offer some 16.4M shares, while the selling shareholders will provide another roughly 20.4M. Most of that will come from venture-capital firm Apax, a pre-IPO investor that currently owns some 77% of the company and will hold about 65% to 67% following the go-public deal. Apax holds its Thoughtworks stake through the Apax IX Fund, which was the No. 1 holding of the London-traded Apax Global Alpha Limited Fund as of June 30, accounting for 7% of the portfolio. Thoughtworks' selling shareholders are also granting underwriters the option to buy as many as some 5.5M

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Thoughtworks sets terms for IPO that could value Siemens-backed consulting firm at $6B+