The world is buzzing with internet companies that have been listed or going to be listed. Linkedin which was the latest listing doubled on the listing day while other companies including Facebook are waiting in the wings to be listed. China has many internet companies listed on the Nasdaq the latest one being RenRen. Russia had Yandex listed on the Nasdaq recently. Where is India in all this? Nowhere! This from a country that provides technology services to almost all the big companies in the world. It is clearly a huge blip. The last Indian internet IPO was of MakeMyTrip.com which was listed on the Nasdaq. The only company of significance that is listed in the Indian stock exchanges is Infoedge which runs naukari.com the job portal. Two other companies are listed on the Nasdaq, Rediff.com and Sify.com and these were listed almost 10 years back. It is a sad state of affairs and is depriving Indian investors of a market which is becoming bigger and bigger elsewhere in the world.
Potential listings in the Indian internet space are: Indiatimes.com (Timesgroup), Moneycontrol.com, In.com (Web 18), Shaadi.com (people interactive) and Zohoprojects (Zohocorp). However, there does not seem to be any urgency from these companies to list and even if they do plan to list it may be in the Nasdaq. Indian stock exchanges are doing nothing to make these companies to list in India, depriving Indian investors of a chance to own genuinely good internet companies.
Come to think of it, we should actually be ashamed to have such few listings when China is listing ten times more internet companies. We pride ourselves as technology savvy but that has only resulted in an outsourcing boom not a real innovation boom. Given that internet company valuations are overtaking outsourcing company valuations by a wide margin (at least two time if not more), it is a wonder why Indians are lagging behind in promoting interent companies. The talent is there, the technology is available, the users are many and the potential is enormous and it is time to wake up and focus in the right space which is the internet.