The Hindu Business Line : Nasdaq looks at Indian mid-cap cos' listing

NASDAQ is trying to lure mid-cap companies from India to get them listed on the exchange in the wake of the increased fancy among FIIs for mid-cap stocks in the current bull market.

The US' second largest stock exchange, however, would prefer to list companies having business interests in the US.

Mr Peter Yandle, Senior Managing Director (International Marketing), Nasdaq, currently on a visit to this country, told Business Line: "We are particularly looking for companies which are into outsourcing business and have good clients in US."

He said there are several Indian companies that can list on Nasdaq. Mr Yandle said he had met some of them during his current visit. Mid-cap companies are expanding their capacities and FIIs' holding in several such companies have increased.

This is for the first time Nasdaq is looking beyond IT companies for listing. There are just three Indian companies that are listed on Nasdaq - Infosys Technologies, Rediff.com and Satyam Infoway.

He said Indian companies are much ahead of Chinese and Russian ones in accessing the international market for funds. This is mainly due to better financial disclosure.

Other than India, Mr Yandle said the exchange is also in talks with various Chinese companies for listing.

Mr Yandle said there are new opportunities for Nasdaq in the wake of dual listing in US market. Under dual listing, companies listed on NYSE can also be traded on Nasdaq. The new opportunity follows the abolition of Rule 500 of NYSE last year which prohibited companies listed on the exchange to trade on Nasdaq or other exchange in US.

Under dual listing six companies listed on NYSE would be listed on Nasdaq sometime between February and April this year, he said.