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MCX To Hit Capital Market By Month-End

India's largest commodity bourse MCX may hit the capital market by month-end to raise Rs.750 crore, thereby becoming the first-ever exchange in the country to get listed, reports said, quoting Chairman Venkat Chary.

The company s likely to file the Red Herring Prospectus (DRHP), the final IPO document, today with the Registrar of Companies, after getting the final go-ahead from the SEBI.

He further said that MCX IPO would be game changer in the stock market and would lift the sentiment from the current slump. "This IPO will lift all the boats."

He, however, refused to divulge details of the size of the public offer, although sources said that it could be between Rs.650-750 crore.

Promoters Financial Technologies India Ltd. (FTIL) as also shareholders like State Bank of India (SBI) and Corporation of Bank are together selling 12.6 percent stake in the exchange. The IPO could give the exchange a market value of around Rs.5,000 crore.

MCX, the largest commodity bourse in the country, has more than 70 cent share in the total turnover of the commodity further market of Rs.144.31 crore in April-January 15 period of the current fiscal.

Globally, it is the sixth largest commodity exchange with No 1 in silver and No 2 ranking in gold.

It would be the first exchange in India to go public and get India on par with other countries with listed exchanges such as the US, Hong Kong, the UK, Singapore, Japan and Australia.

by RTTNews Staff Writer

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