MCX lists at 37 % premium
09 Mar 2012
Multi Commodity Exchange of India (MCX), the first Indian commodity exchange, today commenced trading in Indian bourses after a spectacular public offer, which was oversubscribed 54 times.
Shares of the exchange rose 37 per cent in opening trades to Rs1,408, according to BSE data.
Financial Technologies and state-run banks including the State Bank of India and Bank of Baroda are among the promoters of the exchange.
MCX was the first company listed after market regulator, Securities and Exchange Board of India (SEBI) introduced filters to curb high volatility on the day of listing of an equity in the bourses.
Open bidding session was held from 9 am to 10 am, while the equilibrium price will was determined at 9:45 am.
"All in all, the "feel-good" factor that got created by MCX IPO cannot be underestimated. What Maruti IPO did it in 2003 in helping the historic revival of the Indian capital markets, may be expected to be repeated by MCX IPO in 2012," SMC Global Securities said in a note.
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