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 150 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 1,100 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$440 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.[13]In July 2010, then-British Prime Minister David Cameron visited Infosys HQ in Bangalore and addressed Infosys employees.[14]Infosys, BangaloreIts annual revenue reached US$100 million in 1999, US$1 billion in 2004 and US$10 billion in 2017.[9]In 2012, Infosys announced a new office in Milwaukee, Wisconsin, to serve Harley-Davidson.[15][16] Infosys hired 1,200 United States employees in 2011 and expanded the workforce by 2,000 employees in 2012.[16] In April 2018, Infosys announced expansion in Indianapolis, Indiana.In July 2014, Infosys started a product subsidiary called EdgeVerve Systems, focusing on enterprise software products for business operations, customer service, procurement and commerce network domains.[17] In August 2015, assets from Finacle Global Banking Solutions were transferred from Infosys, thus becoming part of the product company EdgeVerve Systems' product portfolio.[