Nasdaq expects more listings from Asia

Internet firm Satyam Infoway, a subsidiary of India’s Satyam Computer Services Ltd, followed in October. Sutch said new age industries were driving up the listings on Nasdaq and since Asia was showing strong growth, there is likely to be higher listings from this region.

"What do our investors want to invest in — a chemical company, cement or property? Probably not. What’s savvy is technology, telecommunications, media, pharmaceutical and bio-tech."

"We will probably get a few out of China, because sentiment has come back," Sutch said. He said about 7-8 Indian companies are likely to list on the Nasdaq in 2000. The first Indian listing this year should be by the end of March.

"I am expecting two pharmaceutical companies from India to list this year," Sutch said. About 11 Indian companies, mostly from the technology and software services sector, have announced plans to issue American Depository Receipts or Global Depository Receipts and more are expected to follow.

"The real expertise is in the US, in analysing the new economy, the knowledge-based economies. We think Nasdaq is the best because of liquidity and valuations," he said.

Analysts expect an increasing number of Indian companies to choose Nasdaq over the New York Stock Exchange for an overseas listing due to higher valuations that firms are able to get on Nasdaq. Infosys, a favourite of Indian stock markets, has consistently traded on Nasdaq at a huge premium over its domestic price.

Financial services group ICICI Ltd last year became India’s only firm to list on the New York Stock Exchange. "We have grown very quickly. Our volumes and liquidity have just grown exponentially quickly and continue to do so," said Charles Balfour, managing director of Nasdaq International.

"Of course, we have competition , but I would see us ever-growing that big pool of liquidity," he said.