Indian web portals eye listing

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With India witnessing an unprecedented boom in the online sector and the government aiming to hook 18 million users to the internet by the year-end, several web portals are planning a listing on stock exchanges in 2008.

Among the prominent ones could be People Group of Anupam Mittal and MakeMyTrip of Deep Kalra besides a host of others.

Though a People Group spokesperson declined to comment, Kalra said he would go for a listing next year. "IPO is a question of scale. One should have at least Rs 100 crore in commissions. Last year, we had Rs 40 crore and are targeting Rs 100 crore this year.

So we are planning to go for an initial public offer next year," said Kalra. He, however, refused to specify whether the company would list on an Indian stock exchange or a foreign one. "It's too early to say that. You go where you get value for money," he said.

Currently, there are only three portal companies listed on various stock exchanges. Sanjeev Bikhchandani promoted Infoedge became the first India company to be listed on the Bombay Stock Exchange last year. The company owns job site www.naukri.com, matrimonial site www.jeevansaathi.com and real estate portal www.99acres.com.

Two other portals, Sify and Rediff, are listed on Nasdaq. Sify was the first Indian website and second Indian company to list on the Nasdaq during the dotcom boom in 2000. Rediff followed by listing on Nasdaq soon after that.

lust to list

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