MCX to list on BSE on 9th March

It will be first listed exchange in the country

Shares of Multi Commodity Exchange of India (MCX), India's biggest commodity exchange by turnover, will be listed on BSE shortly, a circular issued by BSE today, 7 March 2012 showed. The BSE circular further informed that listing date will be notified to the members by a separate notice. MCX will be listed on 'B" group of BSE under scrip code 534091. The scrip will not be listed on the NSE.



After its listing, MCX will the first listed exchange in the country. The company raised about Rs 663 crore through the recently concluded IPO. The company had priced its IPO at Rs 1,032, the top end of the Rs 860-1,032 per share price band.

The MCX IPO was subscribed a massive 54.13 times. The IPO got bids for 29.77 crore shares. The issue had opened for bidding on 22 February 2012 and closed on 24 February 2012. Non-institutional investors (NII) made a beeline for the MCX IPO, with the category reserved for them subscribed a massive 150.35 times. The portion reserved for qualified institutional buyers (QIBs) was subscribed 49.12 times. The retail individual investors category was subscribed 24.14 times.

A day ahead of the opening of the IPO, MCX had 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 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 had come out with the IPO for providing an exit option and liquidity to its existing shareholders. The selling shareholders included promoters Financial Technologies (FTIL), Bank of Baroda, State Bank of India, Corporation bank, GLG Financials fund, Alexandra Mauritius, and ICICI Lombard General Insurance. 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.

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.