Infosys Technologies' third sponsored ADS offering has been oversubscribed 3.4 times on a global scale. Infosys has priced the offer at $53.50 taking the total value of the offer to $1.6 billion.
The issue was priced 3.2 per cent below the company's closing share price of $55.27 at the Nasdaq stock market on Monday.
Nandan Nilekani, MD, Infosys, said globally there was good demand to mop up the shares. "There was an oversubscription of 3.4 times on the demand side," he said.
According to Infosys, a total of 3,477 valid offers for a little over 84 million shares were received for the requested 30 million shares. Infosys also stated that as part of this offering, 5 million ADS will be placed with Japanese investors through a public offer without listing.
With this additional float, a total of 107 million shares will be traded on Nasdaq representing 19 per cent of the holding. On a price of $53 per share, the market cap for Infy on Nasdaq runs close to $6 billion, which practically catapults the company into the Nasdaq-100 index.
Infosys has announced that this third ADS issue is a step to get into that league.
Nasdaq, on a yearly basis, reviews the Nasdaq-100 list and a decision for this year will be announced on December 15. Nasdaq expects companies aspiring to be part of the list to complete the proceeds and have the required market capitalisation by November 30.
Infosys will not receive any proceeds of this offering and the net proceeds after the offering expenses will be distributed to the selling shareholders within 30 days of the closing of the offering.
On November 17, the Indian Invitation to Offer concluded and the unsold shares will be returned to the selling shareholders by December 4.
The combined holdings of all the shareholders who offered their shares in the Indian Invitation to offer were 2.46 billion equity shares.
According to a company spokesperson, 12.2 per cent of each of shareholders holding will be accepted. For example, N R Narayana Murthy currently holds a little over 32 million shares of which a little over 4 million have been accepted.
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