India's largest commodity bourse Multi Commodity Exchange of India Ltd. or MCX's initial public offering or IPO opens on Wednesday to raise around Rs.663 crore. MCX will become the country's first ever exchange to get listed o bourses.
The bidding for shares in the IPO, the first in the year 2012, will open on February 22 and close on February 24, MCX Managing Director and CEO Lemon Rutten said.
The price band has been fixed between Rs.860 and Rs.1,032 apiece, with a face value of Rs.10 each.
Based on the upper end of the price band, the IPO could raise up to Rs.663 crore. Pursuant to the IPO, MCX shares would be listed on the BSE.
Investment banking sources said that shares are getting huge over-subscription of over 50 times from the anchor investors, the book-building for whom would end tonight.
Sources said that the demand is robust for the shares, as gauged from the huge premium being commanded by them in the grey market.
The IPO has also received favorable comments from various brokerage firms and equity research entities.
The offer would comprise of sale of around 64,27,378 equity shares, accounting for a 12.6 percent stake in MCX. This would include 2,50,000 shares reserved for employees.
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