NYSE Euronext invites Indian cos for listing

NYSE Euronext, the parent company of the New York Stock Exchange, is talking to several Indian companies to list on its exchange platform following global markets showing signs of recovery, a top official said in Mumbai.

"We are having discussions with nine Indian companies, intermediaries and Government entities, which are looking to raise capital and list on NYSE Euronext platforms," NYSE Euronext's Executive Vice President, Head of International Listings, Ronald Kent, told reporters in Mumbai on Wednesday.

Kent said he met with about nine companies in New Delhi and Mumbai, but did not provide details about the firms

"We met with prospects of both SME category and the large cap companies listed on NYSE," Kent said.

There are 12 Indian companies -- ICICI Bank, Wipro, Sterlite Industries, HDFC Bank, Satyam Computers, Tata Motors, Tata Communications, Genpact, Dr Reddy's Labs, MTNL, Patni Computer and WNS (Holdings) which are listed on the NYSE, while Yatra Capital is listed on the Euronext. The total global market capitalization of 12 the listed companies on the NYSE is estimated at $55-billion.

Asked why listed companies would come back for listing, Kent said, "We are delighted that listed companies come back to our exchange regularly to raise capital to expand further."

Laxmi Mittal-promoted Arcellor Mittal is raising $3-billion, of which $2.5-billion would be through equity and $0.5-billion through convertible bonds offering, which it is doing on two of its platforms, he said.

NYSE Euronext does not see any need to tighten its listing regulations after the fraud unveiled in Satyam Computers, which is also traded on the NYSE.

"The existing rules are adequate to tackle similar problems if they arise in the future," Kent said.

NYSE Euronext is the world's most diverse exchange group, offering a broad and growing array of financial products and services in Europe and the US that includes cash equities, futures, options, exchange-traded products, bonds, market data, and commercial technology solutions.

In early 2007, the NYSE, a subsidiary of NYSE Euronext acquired a 5 per cent stake in the National Stock Exchange of India and in July 2008, NYSE Euronext has acquired a 5 per cent equity position in the Multi Commodity Exchange.

Asked on conflict of interest for NYSE Euronext following MCX's plans to launch a new stock exchange in India, Kent said he hoped to continue working with both firms.