Press releases 2001
20 November 2001
LSE CEO CLARA FURSE LAUNCHES NEW DRIVE FOR INDIAN LISTINGS
techMARK and techMARK mediscience now open for Indian companies
Clara Furse, Chief Executive of the London Stock Exchange (LSE), today announced major new initiatives in a drive to increase the numbers of Indian companies choosing London for their international listing.
For the first time, Indian companies will be able to issue and list Retail Depository Receipts (RDRs) in London. Also for the first time, innovative Indian technology companies will be able to list their RDRs on techMARK - London's highly successful technology market - and on the newly developed techMARK mediscience - the world's first market for healthcare companies.
India and Japan are the first overseas countries where techMARK and techMARK mediscience have been launched. Until now, Indian GDRs were traded only by professional investors and funds. Henceforth, RDRs listed on London's markets can be traded by ordinary retail investors and institutions as well. Thus, companies who choose London can expect even greater visibility and investor interest, as they will be viewed as being similar to domestic offerings.
Speaking at a press conference to announce the launch, Clara Furse said:
"We have the most international stock exchange in the world, with the greatest pool of international liquidity for Indian companies to access. More Indian companies have already chosen to list in London than on NASDAQ and NYSE combined."
Announcing the new initiatives, she stated:
"Indian companies can now get greater exposure and access the largest pool of international liquidity in the world, by listing Retail Depositary Receipts (RDRs) in London. RDRs can also be used by Indian technology companies to access techMARK, our hugely successful technology market, and techMARK mediscience, the world's first market for healthcare companies."
Benefits accruing to techMARK and techMARK mediscience companies are increased global visibility and coverage from the media and analysts, world class trading systems, and inclusion in dedicated techMARK indices. Indian companies operating in sectors such as software, hardware, semiconductors, telecoms and the internet, are eligible for techMARK. Healthcare, pharmaceuticals, biotechnology and life science companies are eligible for techMARK mediscience as well. To list on these two markets, Indian companies need a three year domestic trading record, a domestic market listing, offer a minimum market size of USD 1 million and comply with IAS, US or UK GAAP.
To kick-off their Indian tour, the LSE held "the London Advantage" seminar in Mumbai today, attended by a large number of CEOs and CFOs from a wide range of technology and healthcare companies as well as from other sectors. The seminar was addressed by Clara Furse, Phiroze Vandrewala, Chairman of NASSCOM, Tim Ward, Head of Issuer Services, LSE and Caroline Goodman, who heads the LSE's international business development team.
For more information, visit our homepage and click on the 'London Advantage' icon.