Bangalore: Infosys Technologies has set $69.90 as the indicative maximum offer price per unit for its second American Depository Shares (ADS) issue. This price results in an issue size of around $1.11 billion.
In its previous ADS, Infosys had approved the sponsorship of an ADR issue in the range of 2-3 million shares, equivalent to 4-6 million ADRs.
This issue was oversubscribed, with nearly 200 investors showing interest from the US, Europe and the Far East. As a result of this issue, the company released 5.218 million ADS in the US, increasing its liquidity in that market.
Currently, the average trade in Infosys shares in the US market is about 1 million ADS per day. Taking the indicative price into account, the value of the average trades per day in the US market will be in the order of $70 million.