Nasdaq Says 12 Indian Cos Looking At $75-200 M IPOs

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New Delhi:: Hinting that the worst is over, US bourse Nasdaq expects around 12 listings by Indian companies in a couple of years in contrast to only one company (Rediff) being listed since 2000 (last three years).

“There are about a dozen companies in verticals like biotech, infotech, pharmaceuticals, financial services in India that are on the verge of listing on Nasdaq. These companies are looking at raising $75-200 million each from the public route,” Nasdaq South Asia director Ghanshyam Dass told eFE.

Ghanshyam Dass

IT companies including Infosys, TCS, Patni, i-flex, Daksh have been evaluating the primary and secondary market route, according to market sources.

Also around 14 banks in India are implementing US GAAP (US generally accepted accounting principles - the ground work before being listed Nasdaq), Mr Dass said. Most companies take at least a couple of years before announcing their IPO.

“Things seem to be certainly improving in terms of investor sentiment and market confidence. It may not be the best time for an IPO but it is certainly not a bad time for the companies to do so,” ICRA executive director Amul Gogna said.

Even Nasdaq is looking at pushing the companies to listing only once the market sentiment improves. “This should happen two to three quarters from now,” Mr Dass said. He said there were more companies preparing for IPOs compared to last year, when only two were considering a maiden offering on Nasdaq.

According to Frost & Sullivan estimates, there are over 5 companies in India seriously working towards an overseas IPO.