Indian Firm Lists on Nasdaq
Ratan:
Looks like there may be more companies coming soon according to this report.
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Reuters
4:30 p.m. 11.Mar.99.PST
BANGALORE, India -- Fireworks lit the sky and champagne bottles popped open on Thursday as software firm Infosys Technologies celebrated the listing of an Indian company on the Nasdaq.
Industry officials said they expected 10 more Indian listings on the Nasdaq in the next two years.
Giant video-screens on a basketball court at Infosys' headquarters situated in a Bangalore suburb beamed the event from thousands of miles away in New York as staff mingled with reporters to mark a milestone for India's growing software firms.
"This is a small step for Nasdaq but a giant leap for Infosys and the Indian software industry," the firm's Chairman N.R. Narayana Murthy said, speaking from New York.
Infosys shares began trading shortly after the Nasdaq opened. Within two hours, the US-listed shares (INFY) traded as high as US$50, up $12.88 from the listing price of $34. The shares closed at $46.88.
The historic ceremony marked a dizzy new height for Infosys, started in 1981 with $250 as capital. It now commands a market value of more than $2 billion, and symbolizes the aspirations of Indian firms to emulate global leaders in the technology industry.
"Infosys perfectly fits with Nasdaq as it has the kind of growth and job creation capabilities that we are most interested in," Nasdaq Stock Exchange president Al Berkley said from New York.
"We are proud to have them with us."
Dewang Mehta, chairman of India's National Association of Software Service Companies, said he expected 10 more companies to list on Nasdaq over the next two years.
"It has been a long and arduous process to get listed on the Nasdaq," Nandan Nilekani, Infosys' managing director and chief operating officer, said in Bangalore.
"It is our own tryst with our destiny," Nilekani said to loud cheers from engineers dressed in white T-shirts that bore the names of Infosys and Nasdaq.
In a statement issued in Bangalore, Murthy said the Nasdaq listing will help Infosys attract the best employees and provide currency for future acquisitions.
"In addition, we anticipate that our presence on Nasdaq will provide potential customers all over the world a greater degree of comfort and confidence in the company," he said.
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