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Infosys IPO:
First in 1992, the Harshad Mehta Scam and then on the 12th March BSE bombings, all this was bad for the markets and sentiments were very low among Indian investors.

But this was also the time when a company that was never heard of before on Dalal street, had just 250 employees, with a revenue of 8 crores, called Infosys applied for an IPO in Feb 1993. Nobody was interested and the issue price of Rs 95 was too far-fetched therefore Infosys was all set to be undersubscribed.

However, this didn’t happen. Why?

Thanks to individuals like Nemish Shah (ENAM), Late V G Siddartha (CCD) and of course CEO and Founder Narayana Murthy. Each played their part really well.

Nemish Shah and his merchant banking arm ENAM were the underwriters for this IPO. Such was Nemish Shah’s understanding of the strong fundamentals of Infosys, that he himself picked up a portion of unsubscribed shares and convinced Morgan Stanley, an American firm to pick up 13% equity.

On the other hand, CCD owner VG Siddartha was very impressed and believed in Narayana Murthy despite risk and invested another big chunk in this IPO. And by the time on June 14, 1993, Infosys got listed, it opened at a price nobody could have predicted 2 months back. It opened at 145 and closed at 160.

But the fight wasn’t over yet, though Nemish and Siddartha had done their job, it was for Narayana Murthy and the team to keep the sentiment of investors going up for them. And for this, they introduced the quarterly declaration of the balance sheet to shareholders. This was tuned into a rule by SEBI within a few months in 1994.

To keep a check on Insider trading, Infosys was the first Indian company to launch the Whistle Blower policy giving complete freedom to anyone in the company to complain against anyone, regardless of seniority level.

Then came the time of the Dot-com bubble but nothing could touch this IT company, proving its ethical background. And then something happened that had never happened in India ever. Infosys, in 1999, got listed on NASDAQ, and later on NYSE and EURONEXT as well.

And that’s how Infosys changed the Indian Financial markets forever.