Flex Coiled to Spring

After a boom year in 1994 spawned some 40 new Indian GDRs sending fund managers who had invested in the subcontinent laughing to the bank, 1995 returns sagged miserably. Only three GDRs made it past the gate - and those were all towards the end of the year. Now bucking that trend is Flex Industries, which launched a $30 mn GDR in December to trade under Regulation S in Luxembourg and on the 144a market in the US. 'Flex is a good sign that India and emerging markets are bouncing back,' says