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Indian companies raise millions in London market
By siliconindia
London: Indian companies have put up a stunning performance in London by raising hundreds of millions of pounds on London's Alternative Investment Market (AIM) during the last year. More companies are expected to be listed on AIM this year.
According to Seymour Pierce, a leading brokerage firm that tracks Indian companies on AIM with its own index, the Indian companies had grown from a market value of 250 million pounds to 3.3 billion pounds since January 2006.
The Seymour Pierce India Index comprises 22 Indian companies and funds. They are predominantly financial followed by media and utility Companies. KSK Power Venture, which has developed power plants in India, and entertainment giant Eros International are the two Indian companies that have performed particularly well.
"There has been a steady addition of Indian companies listing on AIM in the last two years. We expect a greater number of small and medium-sized Indian companies to seek international investors as the economy opens up," wrote Nicholas Linington, an analyst at Seymour Pierce. According to him, the number of Indian companies on AIM was expected to increase during 2008 as the economy opened up.
Seymour Pierce found that Indian companies on AIM had delivered 21 percent absolute performance over the past year, compared with flat results for the rest of the market, according to the report quoted in The Independent.
In the past three months, three Indian companies have floated on AIM and they are trading at a premium to their listing price. They include the clean energy group Greenko, DQ Entertainment and Origo Sino-India.
"In our view, India's growth drivers are, arguably, more favorable than China. This stems principally from the ability of companies to raise funds in their domestic markets, and the desire of those companies to bring on board international investors and gain an international stock market presence," says Linington article.
The AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market.