MCX's IPO to raise Rs 663 crore

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MCX's IPO to raise Rs 663 crore
India’s largest commodity bourse, Multi Commodity Exchange (MCX), has set a price band of Rs 860 to Rs 1,032 a share for its initial public offering, which could raise up to Rs 663 crore.

Bidding for the shares in the IPO would begin on February 22 and close on February 24, the company said in a public announcement today.

This could also be the first IPO of 2012 for Indian market.

The offer would comprise sale of about 64.27 lakh shares, accounting for a 12.6 per cent stake in the company. Based on the upper end of the price band, the IPO could raise Rs 663 crore.

Morgan Stanley, Citigroup and Edelweiss Financial Services are the book running lead managers for the share sale.
The equity shares are proposed to be listed on the BSE and the company has received in-principle approval from the BSE for the listing.

Post the IPO, FTIL's stake in MCX will come down to about 26 per cent from 31.2 per cent.

MCX, the largest commodity bourse in the country, has more than 70 per cent share in an annual estimated turnover Rs 177 lakh crore for the entire commodity derivatives market.

Globally, MCX is the fifth largest commodity exchange, while it figures among the top two positions in gold and silver segments.

It would be the first exchange in India to go public, putting the country at par with other markets like the US, UK, Japan, Australia, Singapore and Hong Kong.


Read more about: ipo, bse, shares, mcx
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