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Feb 27, 2012, 08.10 AM IST | Source: Moneycontrol.com

MCX breaks IPO mkt jinx, issue subscribed 54 times

The 64.27 lakh shares IPO of MCX - world's 5th largest commodity exchange - turned out to be one of the best received offer in the last more than a year. The issue subscribed 54.13 times on the last day with overwhelming response from every type of investor.

The 64.27 lakh shares IPO of MCX - world's 5th largest commodity exchange - turned out to be one of the best received offer in the last more than a year. The issue subscribed 54.13 times on the last day with overwhelming response from every type of investor.

The issue received bids for more than 29.77 crore equity shares as against issue size of 55 lakh shares (excluding anchor book's portion). Most bids came in at higher end of the price band of Rs 860-1032 a share.

Subscription by reserved portion of qualified institutional investors stood at 49.12 times and non-institutional investors 150.35 times. Retail portion was oversubscribed 24.14 times. The company had already received commitment of Rs 95.6 crore via anchor book, that was participated by 12 investors.

MCX is set to raise Rs 663.31 crore through this issue at upper band. The issue consists of an offer for sale by Financial Technologies (India) Limited, State Bank of India, GLG Financials Fund, Alexandra Mauritius Limited, Corporation Bank, ICICI Lombard General Insurance Company Limited and Bank of Baroda.

Promoter Financial Technologies will reduce its stake in MCX to 26% from 31.18% through the offer.

Edelweiss Financial Services Limited, Citigroup Global Markets India Private Limited and Morgan Stanley India Company Private Limited are the book running lead managers to the issue.

READ MORE ON  MCX IPO
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