Indian firm floats on London Stock Exchange

Grant Thornton, the nominated financial advisor for the firm, revealed that Mortice Group has been admitted on the LSE's alternative investment market (AIM), with £5 million in funds already raised by placing 7.7 million new ordinary shares on the market.

India's rapid economic growth is creating a new wave of fast-growing businesses now looking to fund expansion

Fiona Owen

Partner

South Asia Group

Grant Thornton

Fiona Owen, partner with Grant Thornton's South Asia Group, said Mortice Group’s success highlighted the positive sentiment of the City and the opportunities available for Indian firms.

"India's rapid economic growth is creating a new wave of fast-growing businesses now looking to fund expansion, something the UK financial services industry should be actively pursuing," Ms Owen said.

She also revealed that at least six more Indian companies are planning to float on the LSE, mainly through AIM.

According to Grant Thornton, the value of the stocks from the 23 India-focused companies on the AIM has risen to £3.19 billion, with Great Eastern Energy Corporation stocks seeing a 126 per cent increase on a compounded annual growth rate basis.

AIM is the world’s leading small-cap growth market, with over 2,900 companies choosing to join since it launched in 1995 – raising more than £34 billion in the process. In 2007, AIM accounted for 52 per cent of all IPOs on European stock exchanges.