Multi Commodity Exchange (MCX), India's biggest commodity exchange by turnover, said on Tuesday, 21 February 2012, it has raised Rs 95.62 crore through issue of 9.26 lakh shares to 12 anchor investors at Rs 1,032 per share, the top end of Rs 860-1,032 per share price band for the initial public offer (IPO).
The anchor investors are Wellington Management Company, Blackrock Global Funds Asian Dragon Fund, Deutsche Securities Mauritius, Tata AIG Life Insurance, Canara HSBC Oriental Bank of Commerce Life Insurance Company, ICICI Prudential Mutual Fund, Acacia Conservation Fund LP, Birla Sun Life Trustee Company, Kuwait Investment Authority Fund, Sundaram Mutual Fund, GMO Emerging Domestic Opportunities Fund and Credit Suisse (Singapore).
MCX's is providing an exit option and liquidity to its existing shareholders through the IPO which opened for bidding today, 22 February 2012. Seven of the existing shareholders of MCX, namely the Promoters Financial Technologies (FTIL), Bank of Baroda, State Bank of India, Corporation bank, GLG Financials fund, Alexandra Mauritius Ltd, and ICICI Lombard General Insurance, will be selling a total of 64.3 lakh shares. Post IPO, FTIL will hold 26% equity share capital in MCX, which is the maximum holding of promoter in a listed stock exchange, as per regulation. The MCX IPO closes on Friday, 24 February 2012.
The IPO, which is the first IPO in 2012, will make MCX the only listed exchange in the country. The scrip will be listed only on the BSE and not on the NSE.
MCX is a dominant player in commodity exchanges in India. Total value of commodity futures contracts traded on MCX stood at Rs 119806.89 billion and Rs 98415.03 billion for the 9 months ending December 2011 and FY 2011, representing 87% and 82%, respectively, of the total Indian commodity futures industry in terms of value of commodity futures contracts traded.