MCX sets IPO price band at Rs860 to Rs1,032 per share

Multi Commodity Exchange (MCX), the country's largest commodity bourse, will sell shares at prices ranging from Rs860 to Rs1,032 at an initial public offer.

MCX shareholders will be offering about 6.427 million shares of Rs10 face value each, comprising 12.6 per cent of the company's total equity.

The offer will open for subscription on 22 February and close on 24 February.

The IPO, in which major shareholders of MCX expect to raise up to Rs663 crore in the first initial share sale this year, will also set the stage for further offers.

"This IPO will be a trend-setter for other commodity exchanges to follow. The listing will take MCX at par with other global exchanges that are listed such as NASDAQ, NYSE Euronext, ICE, CME Group, SGX," MCX vice-chairman Jignesh Shah said at the roadshow in Mumbai.

Financial Technologies (India) Limited, which holds a major chunk of MCX's equity, will be offering 26,43,916 shares (5.18 per cent), followed by State Bank of India 21,12,025 (4.14 per cent), GLG Financials Fund 7,81,508 shares (1.53 per cent), Alexandra Mauritius Limited 3,90,754 shares (0.77 per cent), Corporation Bank 2,46,175 shares (0.48 per cent), ICICI Lombard General Insurance Company Ltd 1,48,000 shares (0.29 per cent) and Bank of Baroda 1,05,000 shares (0.21 per cent).