Today, ICICI Bank Ltd. (NYSE: IBN), India's largest private sector bank by assets, completed the largest offering by an Indian company, raising $4.3 billion in a global follow-on offering, half in the form of ADRs (excluding greenshoe). Trading of the additional ADRs began today, June 25th.
On June 19, Sterlite Industries (India) Limited (NYSE: SLT), India's largest non-ferrous metals and mining company based on net sales, raised $1.75 billion (excluding greenshoe) in a global IPO on the NYSE . In its first day of trading, the ADR price rose over 9% to $14.70 on volume of 28.5 million ADRs.
The New York Stock Exchange, a subsidiary of NYSE Euronext (NYSE: NYX), serves as the gateway for India-based companies for U.S capital raising in the global markets. 2 of the largest deals by Indian companies: ICICI and Sterlite Industries raised $6 billion (excluding greenshoe) in global offerings this month.