The Hindu : Business : More Indian companies may list on the Nasdaq

Online edition of India's National Newspaper
Friday, Dec 10, 2004

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Business

More Indian companies may list on the Nasdaq

By Our Special Correspondent

HYDERABAD, DEC. 9. In the next 12-18 months, about ten Indian companies are expected to list on the Nasdaq, according to Stuart C. Patterson, Senior Managing Director, International Corporate Client Group, and Peter Yandle, Senior Managing Director, International Marketing, Nasdaq.

Addressing a press conference here on Thursday they said that these were from the energy, automotive, and financial sectors. The two are on a visit to India, covering Delhi, Hyderabad and Chennai, and have spoken to 25-30 companies across various sectors, and said "We are seeing heightened interest from Indian companies to list on the U.S. markets." There are over 100 Indian companies, which are U.S. GAAP complaint. Once the companies achieve this, it becomes a strategic decision to list, they observed adding, "Indian companies are still experimenting with U.S. markets."

The interest among companies to list on the Nasdaq was broadbased throughout the Asia Pacific region, they said pointing out that nine companies from China have listed and another three were in the pipeline. Similarly, two more were in pipeline from Korea and one from Singapore. One Indian company was looking at listing in the next quarter of 2005 they said. Many Hyderabad-based companies have adopted the GAAP standard for their accounts, and they expect several of them to list on the Nasdaq in the coming years.

Nasdaq has a total listing of 3,296 companies, of which 65 are from the Asia-Pacific region. And 330 are from outside of the U.S.

Explaining benefits of such listing, they said after 12 months of flat market, there was tremendous appetite in the U.S. to invest and "U.S. investors are hungry."

A record number of investors were also coming to India, they pointed out. At present, Infosys, Sify and Rediff.com India are listed on the Nasdaq.

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