MCX IPO gets bids worth Rs 18k cr, oversubscribed 54 times

Mumbai: Leading commodity bourse MCX’s initial public offer was oversubscribed by 44 times, attracting bids worth over Rs 18,000 crore, on the final day today on robust demand from all classes of investors.

Multi-Commodity Exchange (MCX), the country’s largest commodity exchange and the fifth biggest globally, is looking to raise up to Rs 663 crore through sale of about 64.27 lakh shares, of which over 9 lakh shares have been already

allocated to anchor investors for Rs 95.6 crore. Remaining 55 lakh shares are being sold through a 100 percent book-building process and bids have already come in for about 17.6 crore shares, which is 32.04 times of the offer size.

[caption id=“attachment_224457” align=“alignleft” width=“380” caption=“The bidding for the IPO, where shares are being offered in a price-band of Rs 860-1,032 per share, commenced on February 22 and closes at 1700 hrs today”]  [/caption]

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The shares reserved for retail investors were over- subscribed seven times, while bids from institutional investors and HNIs (High Networth Individuals) were higher 3.7 times and 1.9 times, respectively, of the reserved portions

last evening.

At the end of the second day of bidding yesterday, the first ever IPO by an Indian exchange got bids worth about Rs 2,500 crore, more than half of which came from retail investors and the rest from institutional investors and

others, including HNIs.

The bidding for the IPO, where shares are being offered in a price-band of Rs 860-1,032 per share, commenced on February 22 and closes at 1700 hrs today.

The promoters FTIL currently holds 31.2 per cent in MCX, which would come down to about 26 per cent after the IPO. FTIL, SBI, Bank of Baroda, GLF Financials Fund, Alexandra Mauritius Ltd, Corporation Bank and ICICI Lombard General Insurance are the investors divesting part of their holdings

in MCX through the public offer.