Calcutta, Oct. 1: Nasdaq expects at least 10 Indian companies to list their shares on it by the end of 2003. Currently there are three Indian companies listed on Nasdaq — Infosys, Satyam Infoway and Rediff.Com.
Patrick Sutch, Nasdaq’s managing director for the Asia Pacific region, said: “Besides the technology companies, we expect some of the pharmaceutical and biotech companies to list their shares with Nasdaq, when the market revives.”
Besides scouting for fresh issues, Nasdaq is also pursuing Indian companies to transfer their infrequently-traded global depository receipts (GDRs) listed on European bourses to the US.
“Transferring their shares to Nasdaq will help these companies realise better valuation as liquidity will improve. We have approached some companies that have GDRs listed with European bourses, and the response from them was impressive,” Sutch said.
Sutch and Ghanshyam Dass, Nasdaq’s director for South Asia, were in the city this week. They met companies like ITC, ITC Infotech, PricewaterhouseCoopers, Birla Corporation and the RPG group, among others, to scout for listing on Nasdaq. Though Nasdaq had approached a large number of public sector companies for listing, Sutch said he did not put much hope in the government. “We have been pitching for Nalco’s overseas issue nevertheless, which the government said will happen by February next year,” he added.
Though they have not had much success yet, Nasdaq is bullish on Indian companies. “There’s real growth opportunity in this country, and to support it, companies must raise capital,” Sutch said.