Give the comparison between American Depository Receipt (ADR) and Global Depository Receipt (GDR)

	GDR	ADR
GAAP	No GAAP compatibility required for foreign companies	Foreign companies have to reconcile with US GAAP standards
Disclosure	Detailed information is required for listing but less complex as compared to full equity	For US listing , a comprehensive disclosure is required for F-1(a US prospective)
Cost	LSE listing is less expensive. Initial listing requirement may be between $2,00,000- $4,00,000	NYSE listing is more expensive. Initial listing requirement may be between $10,00,000- $20,00,000
Centre	They are listed on LSE which is not as big as NYSE but still it is a global centre for International equities	Are listed on NYSE
Retail	Although 5,000 QIBs are accessed, but participation of retail investors is not allowed.	US retail market can be assessed thus maximizing gains, in a US public offering.