More Indian firms to list on NYSE this year

At least two to three Indian companies are likely to get listed on the New York Stock Exchange in 2003. Following this addition, NYSE will h...

At least two to three Indian companies are likely to get listed on the New York Stock Exchange in 2003. Following this addition, NYSE will house about 12 local companies as against the existing nine.

Senior MD (international corporate) at NYSE, James E. Shapiro, said: ‘‘We expect about two to three Indian companies to get listed on the NYSE in 2003, and if the appetite for initial public offerings (IPOs) improves, then the number might go up to four.’’

Select companies with plans to tap the US markets in the current calendar year include the country’s largest software company, Tata Consultancy Services, and state-run aluminium major National Aluminium Company, which is also a disinvestment candidate.

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‘‘After a difficult 2002, interest in international stocks is slightly improving and we expect a tremendous opportunity in the coming year. We also expect the IPO market to pick up in 2003 but not in a dramatic way. However, the next year will be good,’’ he said.

Shapiro also did not rule out some of the companies converting to ADR/ ADS and listing on the US bourses from their current listing on the London Stock Exchange or Luxemborg Stock Exchange as global depository receipts.

In the last couple of years, select Indian companies converted their GDR issue into ADR. The companies are telecom majors Mahanagar Telephone Nigam Ltd and Videsh Sanchar Nigam Ltd. Both these companies are currently listed on the NYSE.

At present, NYSE has nearly 2,800 listed companies, with a combined market capitalisation of $13.4 trillion. Out of these 2,800 companies, 473 are non-US firms from 51 countries, representing a market capitalisation of $4.3 trillion.