NetSol becomes first firm to list on DIFX and NASDAQ
US software firm ends day up 3.52%, listing follows exchanges' partnership.
US-based software firm NetSol Technologies on Monday became the first US company to dual list on the Dubai International Financial Exchange (DIFX) and NASDAQ following last year's partnership between the exchanges.
Shares in NetSol, which provides enterprise software solutions and managed IT services, ended the day up 3.52 percent on $2.94, according to the DIFX website.
Najeeb Ghauri, chairman and CEO of NetSol, said the listing represented an "important milestone" and would help "further expand our brand visibility and investor base in the UAE and the broader Middle East region".
The DIFX said same pool of NetSol's ordinary shares was tradeable on both exchanges and investors could move the shares between them.
NASDAQ and Borse Dubai, parent company of the Dubai Financial Market (DFM) and DIFX, in September agreed a deal for NASDAQ to combine with Stockholm-based OMX and take a 33 percent stake in the DIFX, to be re-branded as NASDAQ DIFX.
Under the agreement Borse Dubai would also take a 20% stake in NASDAQ and the US exchange's 28 percent holding in the London Stock Exchange (LSE).
If the listing goes well it could give the DIFX a much needed boost. The bourse has had a difficult few months of late, with Dubai-based Future Pipe Industries (FPI) dropping plans for an initial public offering (IPO) last month and DP World's shares continuing to under perform.
Dubai set up the DIFX in 2005 to encourage local companies to sell shares to the public, and for foreign companies to tap growing regional wealth.