** Shares of Grid Dynamics down 8% before the bell to $17.60 after IT services co raises equity ** San Ramon, California-based firm late Tues announced pricing offering of 5.75 mln shares at $17.25
** Offering size increased from 5 mln shares, priced at 9.8% discount to last sale
** Co intends to use expected net proceeds of $93.4 mln for working capital, capex and other purposes including acquisitions
** JP Morgan, William Blair and TD Cowen jt bookrunners for offering
** GDYN has ~76.8 mln shares outstanding for about $1.5 bln market cap ** On Oct 31, co reported Q3 rev rose ~13% y/y to $87.4 mln driven by its retail and TMT (technology, media and telecom) verticals
** Through Tues close, stock up 43% YTD including 20% gain this month
(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper.tr.com@reuters.net lance.tupper@tr.com 1-646-279-6380))
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