Aptech to go for LSE listing

By Our Special Correspondent

CHENNAI, JUNE 30. Aptech will soon become the third company from the Indian ICE (infotech, communication and entertainment) world to get listed on the London Stock Exchange (LSE).

Aptech has got approval for raising $125 million in global depository receipts to fund its expansion plans. These GDRs are expected to be listed on the LSE.

Aptech, it is gathered, has opted for an LSE listing mainly for two reasons. For one, the LSE is less volatile when compared to the darling exchange of the ICE world, Nasdaq. For another, a listing on LSE can be done quickly.

Only recently, the Chennai-based computer education-cum-software training company SSI Ltd. got its GDRs listed on LSE. Himachal Futuristic Communications is the other ICE company to have joined the LSE bandwagon.

Thus far, 19 Indian companies are listed on LSE.

Aptech goes for LSE listing at a time when the exchange is set to merge with Deutsche Borse to form a larger iX (international exchange). Though the LSE board has approved the merger proposal, it has to get the shareholders' nod. This is expected sometime in September.

With Nasdaq and New York Stock Exchange going head over heels to woo Indian corporates, Aptech's move should provide a shot in the arm for LSE which has now trained its eyes on India.

Aptech, it is learnt, will sooner rather than later explore the possibilities of a U.S. listing as well.

Close to half-a-dozen Indian companies are reportedly looking at LSE listing.

Two things appear to have forced the LSE to focus on India. The equity culture in India is dynamic. And the country has the largest number of computer experts and is emerging as a global nerve centre of information technology.

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Section  : Business
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