Indian IPO

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Thursday, May 15, 2008

MCX gets SEBI nod for IPO, likely by June end

Multi Commodity Exchange, MCX has received SEBI nod for its initial public offer (IPO) and likely to open by June-end,

The initial public offer will constitute 1 crore shares of face value of Rs 5 each. The price band is seen between Rs 600-700 per share. DSP ML appointed as senior book running lead manager and other lead managers include Citi, Enam, JM Financial.

CTT deferment to October will help MCX get the valuations. Financial Technologies, FT (a key shareholder in the MCX) will be diluting 10% stake, so the FT's stake will move down to 22% from 32% post IPO.

MCX valuation has zoomed to Rs 6,000-7,000 crore (nearly USD 1.5 billion). FT has placed stake to institutions at USD 1.2 billion valuation.

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