Singapore’s business process outsourcing (BPO) provider, TDCX aims to raise as much as US$400 million (S$538.3 million) in an initial public offering on United States’ New York Stock Exchange (NYSE).
As filed with the United States’ Securities and Exchange Commission (SEC) on September 7, 2021, the company states that date of commencement of proposed sale to the public will be as soon as it is practicable.
TDCX’s IPO will be a milestone for the Southeast Asian based company. According to the company’s founder and CEO, Mr. Laurent Junique who founded the business in 1995, the 2008 global recession was a turning point for the company, “The 2008 global recession provided an important lesson. We saw a significant growth in the number of digital companies, including many of the fastest-growing companies, arriving in Asia to capitalize on the region’s dynamic recovery. Those were the fledgling days of the smartphone and e-commerce industries.”
He added that most of the international companies which came to Asia at that time “did not have the local market knowledge or resources needed to support their growth.” Thus, TDCX quickly leveraged their customer experience services and provided great understanding of the local market and solutions in growing these businesses.
TDCX had revenue of US$323 million in 2020, in which 88% of it came from New Economy Clients, it said in the release. “According to Frost and Sullivan, the global customer experience market is expected to grow from US$80 billion in 2020 to US$100 billion in 2025. In Southeast Asia alone, the customer experience market for the new economy sector is expected to grow at 19 per cent CAGR between 2016 and 2025,” Chief Executive Officer Laurent Junique said in the statement.
The journey for TDCX has been remarkable indeed and the company plans to increase its growth by expanding its network globally without losing sight of Asia and by investing in people and technology.
Throughout the prospectus, TDCX attributes its success to its employees. When it was founded in 1995, the flagship office in Singapore had two staffs. As Laurent Junique states, “Those early days taught me that a team of tight-knit, talented and dedicated employees that can tackle the most complex challenges would set us apart. This formula of quality people and enterprising work culture drives everything we do.” Today, TDCX has a strong workforce of more than 13,000 employees across 10 countries.