MUMBAI, APR 11: After Nasdaq, now it's the turn of the New York Stock Exchange (NYSE). The top two stock exchanges in the US are now focussing on India for new listings. While Nasdaq president Alfred Berkeley came to India and lobbied for fresh listings last week, NYSE chairman Richard Grasso is coming to India this week for the same reasons. NYSE and Nasdaq are fierce rivals in the US. While the so-called old economy shares dominate the NYSE, Nasdaq is known for new technology stocks like internet, e-commerce, biotech and software companies. US exchanges are concentrating on India as a host of Indian companies are planning to float overseas issues. ``Obviously, both NYSE and Nasdaq are targetting these companies,'' said a merchant banker. Berkeley visited Delhi, Mumbai and Hyderabad and met officials of companies planning ADR (American Depositary Receipt) issues. Grasso is also expected to meet corporate captains in India later this week. Currently, ICICI and ICICI Bank are listed on the NYSE while Infosys and Satyam Infoway are traded on the Nasdaq. Buoyed by the Indian response, Nasdaq has now decided to open a representative office in India. ``We would delighted if four to six of them list on the Nasdaq this year. I'd take an Infosys every day. I hope there will be a series of such high quality companies,'' Berkeley told The Indian Express last week. As many as 25 Indian firms are aiming to raise least $4 billion from the overseas markets in fiscal year 2000-01. ``Unlike in the 1993-96 period when most of the Indian companies went to the European markets with GDR issues, this time Indian companies prefer the US market. This has much to do with the rise in stocks of Infosys and Satyam after they listed their shares on Nasdaq and high visibility,'' merchant bankers said. The major Indian offerings on the ADR market in the next few months are expected to be a $ 1.5 billion issue from television conglomerate Zee Television, a $ 500 million issue from Wipro and a $ 200 million offering from Dr Reddy's Laboratories Ltd. Another pharma firm Nicholas Piramal has decided to raise upto $ 100 million through an issue of American Depository Receipts or share (ADR/ADS). Silverline Technologies which has planed to raise $ 125 million is expected to begin the ADR offering process before April. Aptech plans to raise upto $ 125 million thorough an ADR/GDR issue. Rolta India Ltd plans to issue up to 5 million shares by way of ADR/GDR or as a preferential allotment to foreign institutional investors. Polaris Software plans to make an offering of ADRs by September 2001. Videsh Sanchar Nigam plans to convert it existing GDRs into ADRs within net few months. Mahanagar Telephone Nigam is expected to file documents with the US Securities Exchange commission by mid-April or early May for listing on the New York Stock Exchange. The hunger for being seen as global players and enjoying high valuations is driving Indian companies to list abroad. ``There are a number of computer technology companies - both product and service companies. There is also an interest in the pharma and bio-medical space. But our interest in India is not limited to those core hi-tech models. We would be delighted to find high quality traditional companies that need our growth and innovation image. But if the companies aren't growing, then it becomes an awkward mismatch because we say an investor should come to Nasdaq for growth and innovative companies,'' Berkeley said. According to analysts, listing of more Indian companies will have a bearing on Indian share prices as well. Even with only four companies listed on the US markets, domestic prices are considerably influenced by Nasdaq and the NYSE.
