Luxoft, the software development unit of IT firm IBS Group had received favorable reviews from its investors on its roadshow for its New York Stock Exchange IPO. This was confirmed by IBS CEO last Saturday.

Luxoft is based out of Switzerland and it had filed with US regulators last May documentation to be allowed to raise nearly US$80 million through an initial public offer of its common shares of stock. 

According to IBS President and CEO Anatoly Karachinsky, during an interview, "IBS is undervalued since it is split into two assets - IBS and Luxoft. The main reason (for the IPO) is to identify the true value of the company."

Karachinsky had also said that the spin off was the logical step as the two firms had operated in different markets. He added, "IBS operates in emerging markets. Luxoft in more mature markets. They have different investor groups interested in the companies."