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"At 30 June 2008, a total of 25 India-focused companies were listed on the Alternative Investment Market (AIM), with a combined market cap of over 7 billion dollars," Grant Thornton said in its report on global markets -- The Changing Face of World Finance.
This year, there have been four listings of India-focused businesses on the AIM -- Mortice Ltd, OPG Power Ventures Plc, KSK Emerging India Energy Ltd and Indus Energy Plc. Besides, a further five listings seem imminent in the coming months.
Some of the key drivers behind this preference are -- UK-based investors understanding of Indian economy and businesses, relative ease of listing on the AIM compared to the Bombay Stock Exchange or the National Stock Exchange, the report said.
Besides, better valuations for some specific sectors on the AIM compared to the Indian capital markets and visibility that comes with listing in London for India-focused businesses with global operations connections also play a major role.
"The outlook for India-focused businesses looking to list on AIM depends largely on the global outlook for IPOs in general. However, companies operating in specific sub-sectors within infrastructure, healthcare and those with niche product or service offerings should continue to find favour with AIM investors," Grant Thornton Partner Mahad Narayanamoni says.
AIM and NASDAQ, are well ahead of the others in important respects. Both were able to attract large numbers of new listings to buoy their market capitalisation and both remain the best markets to raise funds. Besides, NASDAQ and AIM are much less volatile than their newer rivals, which is reassuring to investors and companies. AIM's only weaknesses were its comparative lack of liquidity and a slight fall in its main index.
"The key would be to target institutions that invest primarily in AIM companies as opposed to approaching traditional BSE investors to invest in the AIM market. The flexibility of AIM in areas such as public float, structured instruments etc should also prove to be attractive to issuers and investors alike," Narayanamoni added.
The 2008 global growth markets guide from Grant Thornton International analyses the performance of the eight largest stock markets competing to list growth company stocks in the world between 2005 and 2007.
This is a part of a series of capital markets guides that Grant Thornton International has compiled over the past seven years. It analyses the performance of the eight main global growth markets between 2005 and 2007.
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