Infosys was founded by seven engineers in Pune, Maharashtra, India. Its initial capital was $150.[8] It was registered as Infosys Consultants Private Limited on 2 July 1981.[9] In 1983, it relocated to Bangalore, Karnataka.The company changed its name to Infosys Technologies Private Limited in April 1992 and to Infosys Technologies Limited when it became a public limited company in June 1992. It was renamed Infosys Limited in June 2011.[10]An initial public offering (IPO) was floated in February 1993 with an offer price of 95 (equivalent to 690 or US$8.60 in 2023) per share against a book value of 20 (equivalent to 140 or US$1.80 in 2023) per share. The IPO was undersubscribed but it was "bailed out" by US investment bank Morgan Stanley, which picked up a 13% equity stake at the offer price.[11] Its shares were listed in June 1993 with trading opening at 145 (equivalent to 1,000 or US$13 in 2023) per share.[12]Infosys shares were listed on the Nasdaq stock exchange in 1999 as American depositary receipts (ADR). It became the first Indian company to be listed on Nasdaq.[citation needed] The share price surged to 8,100 (equivalent to 35,000 or US$430 in 2023) by 1999, making it the costliest share on the market at the time. At that time, Infosys was among the 20 biggest companies by market capitalization on the Nasdaq.[11] The ADR listing was shifted from Nasdaq to NYSE Euronext to give European investors better access to the company's shares.