Mumbai: With Infosys on NASDAQ and rival NYSE adding another Indian listing last week, more Indian companies are gearing up to raise money from the US stock market.
NASDAQ has big plans on cashing in on the opportunity.
Infosys is the star Indian American Depositary Receipt (ADR) on the NASDAQ, where it has been listed since 1999, it's the first Indian company to do so.
NASDAQ pulled out the stops for Infosys on its 25th anniversary on Monday, staging a remote opening bell from the company's campus in Mysore.
"It takes months to prepare and a lot of co-ordination to make sure we get everything right. We were here in NY, they were there in Mysore and it looked like we were just there. I think they're having more fun than we are because we have to go to work now and they get to enjoy the evening there," said Bruce Aust, Executive VP, NASDAQ.
A majority of Indian ADRs is currently traded on the New York Stock Exchange. The latest entrant, WNS Holdings, became the tenth Indian ADR to be listed on the NYSE last week.
NASDAQ says it's eager to attract more Indian listings, even if it means drawing them away from the New York Stock Exchange.
"We've had several companies switch from the NYSE to NASDAQ. We've had Charles Schwab, Cadence Software, Liberty Media just switched this year, it's a USD 25 billion company. So as more and more companies evaluate their listing decision, we are winning the business. So we hope maybe some of those companies will make the switch also," he added.
More Indian companies are gearing up to tap the US market in the coming months. Action is hotting up on the Indian ADR front and NASDAQ expects two more Indian companies to come on board by the end of this year.
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