India IPO to make Cognizant 2nd largest listed local IT company

project. While no decision has been made and any offering and 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 interest of our shareholders,” said Dalal.

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For now, only Bengaluru-based IT titans Infosys Ltd and Wipro Ltd have their shares listed in both the US and India, and an India listing would make Cognizant the third.

At the heart of an American firm like Cognizant looking to list its shares in India despite all IT services firms getting over 90% of their business from outside India, is the better valuation in the country. Cognizant's current price-to-earnings ratio is about 13, while homegrown IT services firms like Tata Consultancy Services Ltd and Infosys Ltd trade at 22-23 times.