Cognizant looking to list on Indian exchanges, says IT firm's senior exec

Cognizant CFO Jatin Dalal said the company is evaluating a primary offering and secondary listing in India, potentially becoming the first foreign IT major to list on Indian bourses

Cognizant has said it is considering a secondary listing in Indian markets — a step that will make it the first foreign IT services company to do so.

 

The company has its global headquarters in Teaneck, New Jersey, US, but a significant portion of its global workforce is based in India. It’s listed on the Nasdaq.

 

"We have been assessing a potential primary offering and a secondary listing in India with our legal and financial advisors. As part of this comprehensive review, which is still in its early phase, we are engaging various stakeholders from both India and US to evaluate the implications of such a potential offering and listing," Jatin Dalal, chief financial officer of Cognizant, told analysts during a post-earnings conference call on Wednesday.

 

 

Most Indian information technology companies are registered locally (Infosys and Wipro are also listed on the New York Stock Exchange). Tata Consultancy Services delisted itself from foreign stock exchanges a few years ago.

 

Dalal said the process of a primary offering and a secondary listing by an overseas company in India was complex and involved multiple stages of regulatory approval.

 

“We view this as a long-term project. While no decision has been made and any offering or secondary listing would be subject to market and other factors, we continue to assess and review the idea and are committed to acting in the best interests of our shareholders,” he said.

 

Although nearly 90 per cent of Cognizant’s revenue comes from the US and Europe, over two-thirds of its workforce is based in India, making it a core operational hub for the company.

 

Cognizant added 6,000 employees in the third quarter, taking total headcount to 349,800, and plans to hire 20,000 freshers in 2025, up from 9,000 the previous year.

 

Dalal said the company remains focused on strengthening its India workforce pipeline and expanding its delivery centres to support global operations.