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MCX Fixes IPO Price At Rs.1,032/Share

The country's top commodity exchange Multi Commodity Exchange or MCX has fixed the price of its initial public offering (IPO) at the upper end of the band at Rs.1,032 a share, raising around Rs.663 crore through the IPO.

Drawing a huge investor response, the IPO was over-subscribed by more than 54 times.

The MCX IPO, which closed on Friday, received a record-breaking demand from retail, institutional and high networth individual investors.

In terms of demand from retail investors, the MCX IPO is believed to have surpassed all the previous records, as the shares reserved for the retail shareholders was over-subscribed by around 24 times.

The issue opened on February 22 and closed on February 24 in a price band of Rs.860-1,032 per share.

MCX has more than 70 percent share in the annual estimated turnover of 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, the UK, Japan, Australia and Hong Kong.

by RTT Staff Writer

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