Cognizant evaluating potential primary offering, secondary listing in India: CFO Jatin Dalal

US-based IT major Cognizant, which has a substantial number of employees in India, is actively exploring the possibility of a primary offering and a secondary listing in India, a top company official said.

A primary offering typically involves raising new capital by issuing new shares, thereby increasing the company's share capital, whereas a secondary listing involves selling already issued shares in a new market.

The potential secondary listing would enable NASDAQ-listed Cognizant to offer its shares on Indian stock exchanges, increasing its visibility among Indian investors and potentially enhancing market liquidity.

“Cognizant's board and management team regularly assess opportunities to enhance shareholder value. Towards this end, 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,'' Cognizant CFO Jatin Dalal said during the company’s Q3 earnings call.

Dalal further noted that ''the process of a primary offering and a secondary listing in India by an overseas company is complex and involves multiple steps. We view this as a long-term 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''.

The Teaneck, New Jersey-headquartered firm on Wednesday reported a 53 per cent drop in net income for Q3 2025 to USD 274 million, hit by a one-time, non-cash income tax expense of USD 390 million.

The company's revenues, however, rose 7.3 per cent year-over-year to USD 5,415 million for the quarter ended September 2025, driven by gains from its investments in AI, and it has raised the lower end of its revenue growth forecast for the full fiscal year.

The company added 6,000 employees, mostly freshers, during the July-September period, bringing its total headcount to 3,49,800 at the end of the quarter.