MCX, India's largest commodity bourse, on Thursday
set a price band of Rs 860 to Rs 1,032 a share for its initial public offering, which could raise up to Rs 663 crore.
The bidding for shares in the IPO - the first of the year 2012 - would begin on February 22 and close on February 24, Multi Commodity Exchange (MCX) said in a public announcement.
MUST READ: How to choose the best IPO to invest in This could also be the first IPO of the year 2012 for Indian market. The offer would comprise of sale of about 64.27 lakh shares, accounting for a 12.6 per cent stake in the company.
Based on the upper end of the price band, the IPO could raise Rs 663 crore.
Morgan Stanley, Citigroup and Edelweiss Financial Services are the book running lead managers for the share sale.
MUST READ: Check gradings before investing in IPOs The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the company has received in-principle approval from BSE for the listing.
The promoters FTIL currently holds 31.2 per cent stake in MCX, which would come down to about 26 per cent after the IPO.
MCX, the largest commodity bourse in the country, has more than 70 per cent share in an annual estimated turnover Rs 177 lakh crore for the entire commodity derivatives market.
MUST READ: 8 deadly sins of investing 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, UK, Japan, Australia, Singapore and Hong Kong.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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