TaskUs, Inc. Announces Launch of Initial Public Offering

Rhea-AI Summary

TaskUs has launched its initial public offering (IPO) of 13,200,000 shares of Class A common stock, priced between $22.00 and $24.00 per share. The company aims to utilize the proceeds, approximately $127.4 million, to pay for vested phantom shares due to current and former employees upon the IPO's completion. The lead underwriters include Goldman Sachs and J.P. Morgan, while the company's stock will trade on the Nasdaq under the symbol TASK. No proceeds will be received from shares sold by stockholders.

Positive

• IPO signals growth and expansion potential.
• Intended use of proceeds for employee compensation may enhance employee morale and retention.

Negative

• Dilution concerns as stockholders sell shares.
• No net proceeds from stockholder sales may limit capital for business development.

NEW BRAUNFELS, Texas, June 02, 2021 (GLOBE NEWSWIRE) -- TaskUs, Inc. (“TaskUs” or the “Company”) announced today the launch of its initial public offering of 13,200,000 shares of its Class A common stock to be sold by TaskUs and certain of its stockholders. The initial public offering price is currently expected to be between $22.00 and $24.00 per share. The selling stockholders expect to grant the underwriters a 30-day option to purchase up to an additional 1,980,000 shares of Class A common stock. TaskUs intends to list its common stock on Nasdaq Global Select Market under the symbol “TASK.”

TaskUs intends to use the net proceeds received by it from this offering, together with cash on hand, to satisfy payments of approximately $127.4 million in respect of vested phantom shares held by certain current and former employees that will become due upon the completion of this offering, based on the midpoint of the above price range. TaskUs will not receive any net proceeds from the sale of its Class A common stock by the selling stockholders, including from any exercise by the underwriters of their option to purchase additional shares of the Class A common stock from the selling stockholders.

Goldman Sachs & Co. LLC and J.P. Morgan are acting as lead book-running managers for the offering. BofA Securities, Morgan Stanley, Baird, RBC Capital Markets, Wells Fargo Securities and William Blair are acting as joint book-runners for the offering. Blackstone, TD Securities, BTIG, Fifth Third Securities, AmeriVet Securities, Blaylock Van, LLC, C.L. King & Associates and Penserra Securities LLC are acting as co-managers for the offering.

The proposed initial public offering is being made only by means of a prospectus. When available, copies of the preliminary prospectus may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-902-1171, facsimile: 1-212-902-9316 or by emailing prospectus-ny@ny.email.gs.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-212-834-4533 or by emailing at prospectus-eq_fi@jpmchase.com.

A registration statement, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About TaskUs

TaskUs is a provider of outsourced digital services and next-generation customer experience to innovative and disruptive technology companies, helping its clients represent, protect and grow their brands. Leveraging a cloud-based infrastructure, TaskUs serves clients in the fastest-growing sectors, including social media, e-commerce, gaming, streaming media, food delivery and ridesharing, HiTech, FinTech and HealthTech. TaskUs has approximately 27,500 employees across eighteen locations in the United States, the Philippines, India, Mexico, Taiwan, Greece, Ireland and Colombia.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. These forward-looking statements include any statements regarding the Company’s proposed initial public offering. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Risk Factors” in the Company’s registration statement relating to the initial public offering. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the registration statement. TaskUs undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Media Contact

Jonathan Keehner / Kate Thompson / Tanner Kaufman
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

FAQ

What is the price range for TaskUs's IPO?

The expected price range for TaskUs's IPO is between $22.00 and $24.00 per share.

How many shares is TaskUs offering in its IPO?

TaskUs is offering 13,200,000 shares of its Class A common stock.

What will TaskUs do with the IPO proceeds?

TaskUs plans to use the net proceeds to cover approximately $127.4 million in vested phantom shares for employees.

Who are the lead underwriters for TaskUs's IPO?

Goldman Sachs and J.P. Morgan are acting as lead book-running managers for the offering.

What is the stock symbol for TaskUs on Nasdaq?

TaskUs will list its common stock on Nasdaq under the symbol TASK.