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Global IT giant Cognizant is exploring a secondary listing in India, a move that could make it the first foreign IT services company to do so. The company, headquartered in Teaneck, New Jersey, is currently listed on Nasdaq, while a substantial part of its workforce operates from India. Jatin Dalal, Cognizant’s Chief Financial Officer, spoke to analysts during a post-earnings call on Wednesday, stating, "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 the US to evaluate the implications of such a potential offering and listing," according to a Business Standard report. Complexity of Foreign Listings in India Unlike most Indian IT companies, which are locally registered, foreign companies pursuing a listing in India face intricate regulatory requirements. Infosys and Wipro, for example, are also listed on US exchanges, while Tata Consultancy Services has withdrawn from overseas markets in recent years. Dalal noted that a primary offering and secondary listing in India would involve multiple stages of regulatory approvals, making it a challenging process. A Long-Term Strategic Move Dalal emphasised that any decision would be carefully evaluated with shareholder interests in mind. "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. Cognizant’s India workforce forms a core part of its global operations, with more than two-thirds of employees based there, even though nearly 90 per cent of revenue comes from the US and Europe. The company added 6,000 employees in the third quarter, bringing the total to 349,800, and plans to hire 20,000 freshers in 2025, up from 9,000 last year. Dalal highlighted the company’s focus on strengthening its talent pipeline in India and expanding delivery centres to support global operations.
