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HDFC Bank IPOs on NYSE

To celebrate the initial public offering of Housing Development and Finance Corporation Bank Limited on the New York Stock Exchange, HDFC chairman Deepak Parekh rang the opening bell at the exchange on Friday.

Companies that list on the exchange traditionally ring the opening bell from a podium on the trading floor at 9.25 am.

The scripts of the company, which was assigned the symbol HDB, opened at $14.50 on Friday.

The managing director of the HDFC Bank Aditya Puri was present on the occasion.

The HDFC bank was among the first to receive an 'in principle' approval from the Reserve Bank of India to set up a bank in the private sector as part of RBI's liberalisation of the Indian banking industry, an NYSE release said.

It added that the HDFC Bank Limited commenced operations as a scheduled commercial bank in January 1995.

Earlier, Dr Reddy's Laboratories Ltd listed its IPOs on the NYSE in April this year; on May 15, B Ramalinga Raju, chairman of Satyam Computer Services Ltd, announced its listing on the exchange by ringing the opening bell.

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