HCL Tech May List Shares in US: Report

HCL Tech, India's fourth largest IT outsourcer, may list its shares in the US later this year, Bloomberg reported, citing sources. This will be the first US listing for a large Indian company in eight years.

Noida-based HCL Tech may raise $1 billion from its share sale in the US, Bloomberg said.

HCL Tech was founded by Shiv Nadar, who is India's sixth richest person, with a net worth of $12.9 billion, according to Forbes. Mr Nadar owns 61 per cent in HCL Tech, as well as 50 per cent of HCL Infosystems, a company which is in the business of IT Services, distribution and digital solutions.

HCL Tech went public on November 10, 1999 and has a market capitalization of $17 billion. The company had about $1.8 billion of cash and equivalents on its balance sheet at the end of December 31, 2015.

Infosys, India's second biggest outsourcer, was the first domestic company to list its shares in the US in 1999. Since then, many Indian companies have raised funds from the US. HCL Tech's competitor Wipro is listed on New York Stock Exchange.