Genpact, a business services company spun out of US conglomerate General Electric and owned by private equity firms General Atlantic and Oak Hill, has priced its initial public offering below its indicative range, fetching a disappointing return for its backers.

The India-based business process outsourcer priced below expectations at $14 after setting a price range of between $16 and $18, to raise $494m (€361m). The float was expected to raise up to $630m.