Financial Daily from THE HINDU group of publications
Wednesday, Dec 08, 2004
Financial Daily from THE HINDU group of publications Wednesday, Dec 08, 2004 |
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Info-Tech
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Outsourcing `ExlService US listing plans reflect maturity of BPO sector' Our Bureau
New Delhi , Dec. 7 NASSCOM on Tuesday said that ExlService Holdings' plans for a US listing reflected the maturity of the BPO industry. "It reflects the kind of maturity of Indian business process outsourcing industry. As companies grow and scale up they will need access to the Indian and the US capital market," the Nasscom Vice-President, Mr Sunil Mehta, said. Mr Mehta said thatThe BPO companies had adopted aggressive inorganic strategy, and overseas listing would give these entities a currency for acquisition and would also enable them to bid for more total outsourcing contracts, he said. "A listing on the NYSE or Nasdaq will surely raise confidence level of customers. I see this trend picking up in the industry," he added. Exl, which has earned itself the distinction of becoming the first Indian BPO company to go for a US listing, is proposing about $75 million offering. The company had announced on Monday that it has filed a registration statement with the US market regulator, Securities and Exchange Commission (SEC), for an initial public offering of common stock.
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