London Stock Exchange Welcomes UTI Bank To Its Main Market

UTI Bank, a leading private sector bank and financial services company in India, was today admitted to trading on the London Stock Exchange’s Main Market.

UTI Bank raised a total US$239.30 million by listing 40.49 million Global Depositary Receipts on the Exchange’s Main Market, with each GDR representing one underlying share. UTI’s London listing is the company’s first outside of India.

Martin Graham, the Exchange’s Director of Market Services, said: “We are delighted that UTI Bank has chosen London for its listing outside of India. The fact that UTI’s GDR issue was three times oversubscribed demonstrates that London’s markets provide an excellent gateway to international capital for Indian companies along with world-leading regulatory and corporate governance standards.”

He continued: “UTI Bank is the first Indian company to join the Exchange’s markets this year, with many more Indian companies expressing an interest in a London listing, we look forward to more taking their lead.”

There are 19 Indian companies listed on the London Stock Exchange’s markets, with a combined market capitalisation of US$ 3.2 billion. A further 9 Indian companies trade Depositary Receipts on the Exchange’s International Order Book.

A total of US$12.42 billion of Indian securities were traded by the Exchange’s member firms in 2004, with trading volumes of Indian securities on the IOB increasing by 41 per cent in 2004 compared to 2003.

In 2004, the London Stock Exchange attracted a total of 293 IPOs to the Main Market and AIM, of which 49 were international, accounting for 79 per cent of all IPOs in Western Europe.

UTI Bank was advised by Citigroup and Merrill Lynch, who acted as bookrunners and joint lead managers for the offering.