i-flex solutions, the Citigroup-promoted financial software and services company, about six months after its successful domestic listing is now fine-tuning plans for a US listing.
According to a senior company executive, the listing will be aimed at gaining a better market perception and brand value in the US as a global company.
"The listing is planned. We are beginning to work on it. We are of the view that a listing in the US would help us gain credibility as a global company," Dennis Roman, chief marketing officer, i-flex solutions Inc, said.
When asked about the specific details of the US listing he said, "When we had the initial public offering on the Indian bourses, it was a precursor to the US listing. The eventual aim was the US listing," Roman said.
He said that the company's aim for the US listing is not to raise money but to gain the confidence of the customers as a company listed on an international stock exchange.
"It gives the US customers a comfort to work with a company, which is listed in the US markets. We do not want this as a factor to be held against us while bidding for projects in the US," Roman said adding that the company has a substantial cash reserves to fund its growth.
According to Roman, the company is aggressively targeting the US as a result of the recent changes in regulations which permit i-flex to bid for projects from other financial institutions.
i-flex has recently won projects from the International Monitory Fund and North Carolina State recently.
The company also hopes that the opening of the US market for it would work out to be a great benefit for it.
"There is a great awareness about out sourcing to India amongst the US financial institutions. We were not able to utilise the huge market due to the regulatory issues. We think that there is a great potential for us in the US," Roman said.
i-flex's IPO was made through 100 per cent book building route and was oversubscribed 2.7 times.
The issue was managed by J M Morgan Stanley, while the co-book running lead managers were Kotak Mahindra Capital, Salomon Smith Barney and DSP Merrill Lynch.
