Infosys, India's second-largest information technology services company, today said it would be transferring the listing of its American Depository Shares (ADS) to the New York Stock Exchange (NYSE) from the Nasdaq Global Select Market (Nasdaq). An official release from the company also said it was seeking to list ADS on the Paris and London exchanges of NYSE Euronext.
Infosys ADS will begin trading on the NYSE Euronext markets in the US under the ticker symbol ‘INFY’ starting December 12, the company said. In 1999, Infosys became the first Indian company to be listed on the Nasdaq. .
Till the transfer is complete, Infosys ADS will continue to trade in the US under the ticker symbol ‘INFY’ on the Nasdaq. Once the separate Euronext listing process is complete, Infosys ADS will begin trading on the NYSE Euronext markets in Paris and London.
The NYSE Euronext listing will not change Infosys float, share/ADR count and capital structure, the company said.
“Our decision to transfer our ADS listing to the NYSE is motivated by a desire to leverage the NYSE Euronext partnership to empower our investor base, increase access to our stock for European investors and broaden the trading window available for our global investors," said S D Shibulal, CEO and MD.
According to a senior industry professional, when the company got listed in Nasdaq, that was a good decision since Infosys was quite young at that time. "When you become a mature company, it is always better to move to NYSE where the liquidity is quite high, and by listing in Euronext, you have leverage the European investors as well."
Among the Indian and India-centric IT services companies, Wipro is the only company trading on NYSE. Both Cognizant and iGate are listed in Nasdaq.