StanChart applies for listing in India

Lender remains open to potential listings in various countries after filing prospectus to sell 240mln IDRs.

Standard Chartered PLC is open to the possibility of listing in other markets where it has a presence, including China, the Asia-focused bank's chief executive said Thursday after it filed its prospectus for a listing in India.

"We remain open to potential listings in other markets but it's not something that we'd rush to do. At the right moment and once the regulatory clearances are in place, we'd look at a listing in Shanghai," Peter Sands said at a conference in Mumbai marking the bank's coming Indian offer.

The U.K.-based bank, which is listed in London and Hong Kong, filed its prospectus Thursday for the sale of 240 million Indian Depository Receipts, getting a step closer to becoming the first foreign company to list in the country.

The sale will open May 25 and close May 28, the bank said in the prospectus.

Officials have said they expect to raise around $550 million from the offer, which is aimed at increasing the visibility of the company in the country and Asia, where the bank is mostly focused.

View the full story in the Wall Street Journal.