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Infosys Comes To America

Infosys Technologies sold 1.8 million American depositary receipts to the public Thursday, becoming the first Indian company to list on one of the U.S. stock markets.

The information technology company priced its U.S.-listed shares at $34 each, and the stock (INFY) jumped 11 5/8 to 49 in early trading. Each depositary receipt is equal to one-half of the company's regular shares, which have been trading on three Indian stock markets.

In fiscal 1998, Infosys notched a profit of 41 cents a share on sales of $68.3 million, vs. a profit of 23 cents and sales of $39.6 million in the year-ago period.

  • Stop the presses! A company has filed for an IPO, and it doesn't do business on the Web. U.S. convenience store operator Pantry Inc. registered with the Securities and Exchange Commission to raise as much as $100 million in an upcoming offering led by Merrill Lynch and NationsBanc Montgomery Securities.

    After snapping up two other chains earlier this year, Pantry now operates more than 1,100 stores, most of which are located in the Southeast.

    Specific terms of the deal, such as the number of shares in the offering and the estimated pricing range, haven't yet been set. The company intends to list its shares under the ticker "PTRY."

  • There was, of course, one Internet company filing to go public. Quespasa.com operates a Spanish-language portal. The company launched its Web site in November 1998 and hasn't yet generated revenue. Paradise Valley Securities is the lead underwriter. The company says it expects to sell 4 million shares at $10 to $14 each, with the ticker symbol listed as "PASA."
  • Discount broker Charles Schwab (SCH) is settling with some customers who were burned when their requests to cancel buy orders in TheGlobe.com's (TGLO) IPO went unfulfilled, according to The Wall Street Journal. The settlements could affect 300 customers and total as much as $1.2 million, the Journal reported.

    Written By Darren Chervitz, CBS MarketWatch