Nagarro starts trading on Frankfurt Stock Exchange

Digital engineering and technology solutions firm Nagarro said its shares have started trading on the Frankfurt Stock Exchange on Wednesday. Under the terms of the spin-off, one 1 share of Nagarro SE for every one 1 share of Allgeier SE has been allotted to the Allgeier shareholders, a statement said on Wednesday.The opening price was 69 euros, which corresponds to a market capitalisation of 785.39 million euros.

Digital engineering and technology solutions firm Nagarro said its shares have started trading on the Frankfurt Stock Exchange on Wednesday. The company also announced the completion of its spin-off from Allgeier SE.

German technology group Allgeier SE had taken over Nagarro in 2011. It passed a resolution in its annual general meeting in September this year to spin off Nagarro SE to position the latter as a full-service, global leader in software engineering and technology solutions. Nagarro has a strong presence in India with over 6,000 employees across its offices in Gurugram, Jaipur, Bengaluru, Pune and Hyderabad. Globally, it has about 8,400 persons.

''The company's (Nagarro) common shares will begin trading today (Wednesday) on the Frankfurt Stock Exchange (Prime Standard) under the symbol 'NA9'. ''Under the terms of the spin-off, one (1) share of Nagarro SE for every one (1) share of Allgeier SE has been allotted to the Allgeier shareholders,'' a statement said on Wednesday.

The opening price was 69 euros, which corresponds to a market capitalisation of 785.39 million euros. Nagarro is a global digital engineering company with presence in 25 countries across North America, Asia and Europe.

''As an independent, public company, we can now capitalise on our own brand. We compete on the global stage and focus on growing our ability to deliver best-in-class digital services to more clients,'' Nagarro Custodian of Entrepreneurship in the Organisation (CEO) Manas Fuloria said. The company is addressing a large market that is growing in double digits annually and is supported by structural tailwinds. ''We are confident that we can continue our profitable growth and deliver value for all stakeholders.'' He added that the company's differentiated organisational design and unique culture promote entrepreneurship, agility and global collaboration, delivering great results for clients.

''This modern culture, characterised by low hierarchy, high autonomy, excitement for technology, intercultural openness and pronounced social awareness, is the workplace of the future. We are convinced that this will enable us to achieve long-term success,'' he said. Nagarro reported revenues of 402 million euros for the full year 2019. In the first nine months of 2020, revenue reached 321 million euros.

The company targets its organic revenue growth rate to be in the region of 15 per cent in 2021 and aims to return to historical levels (2017-2019) in the medium term, the statement said..