Indian Tech Firms Gaze West
Sam:
Here is some more news about the possible listings of Indian Tech firms in the U.S during 1999.
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Reuters
7:30 a.m. 27.Jan.99.PST
BOMBAY -- At least two Indian technology firms are likely to list on the New York Stock Exchange or Nasdaq in 1999, stock market officials and bankers said on Wednesday.
Dewang Mehta, the president of the National Association of Software and Service Companies, which represents India's software industry, said he expects five IT firms to list in the United States in 1999.
Several Indian tech firms, encouraged by booming revenue growth from software and services exports, have been planning US listings to tap the tremendous appetite for technology stocks there and raise funds for overseas acquisitions.
"The first two firms could probably list in the first quarter of this year," said Alfred Elbrick, managing director of investment banking for BT Alex Brown International.
Analysts expect Infosys Technologies to list within the next two months, closely followed by HCL Technologies, a part of the HCL group.
James Shapior, NYSE vice president for Asia Pacific, said a number of Indian tech firms were ready for listing, but the number that actually did so in 1999 would depend on US market sentiment.
"A couple of Indian companies could get a lot of attention and that would draw several others to follow suit. It would be a very positive thing for India and for US investors," Shapiro said.
Nasdaq is in close competition with NYSE to attract Indian tech companies, and said it too expects many such companies will eventually be listed on US markets.
"There is no reason why India cannot follow the example of Israel," said Patrick Sutch, the market's Asia Pacific director. Sutch said that Israel had nearly 80 technology stocks listed in the United States, and most of them were doing very well.
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