INFY climbs way up in early trading today!
Thursday March 11, 12:23 pm Eastern Time
Infosys soars on first day of U.S. trade
NEW YORK, March 11 (Reuters) - Indian software firm Infosys Technologies Ltd. (Nasdaq:INFY - news) saw its share price surge nearly 50 percent on its first day of trading Thursday, becoming the country's first company to list on a U.S. exchange.
Infosys, one of India's most successful companies of its kind, climbed 16 to reach 50 in late morning trade on the Nasdaq market on a volume of more than 1.6 million issues.
Its American Depositary Receipt (ADR) was among the top five leading percentage gainers on the Nasdaq. ADRs enable U.S. investors to trade in foreign stock in their home market.
One dealer who specializes in Asian issues said he suspected that those buying into it were mostly individual investors.
''It's probably retail people out there buying and selling,'' he said on condition of anonymity. ''We're not seeing any (institutional investors) -- but that doesn't mean that there isn't anyone out there.''
Infosys offered 1.8 million ADRs at the market open, each representing a half a share in the Bangalore company.
It priced each ADR at $34, a discount to what a share can fetch on the Indian exchanges.
On Thursday, the company's share price ended 41 rupees higher at 3,201 on the Bombay Stock Exchange.
The listing was managed by NationsBanc Montgomery Securities LLC, BancBoston Robertson Stephens, BT Alex. Brown, and Thomas Weisel Partners LLC.
($1 = 42.380/480 rupees)
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