MCX ends with 26% premium

Shares of Multi Commodity Exchange of India settled at Rs. 1,297.05 on BSE, a premium of 25.68% over the initial public offer price of Rs. 1,032. The counter discovered an equilibrium price of Rs. 1,387 on BSE, which was 34.39% premium to the initial public offer (IPO) price. An hour-long special pre-open session, which started at 9:00 IST to discover the equilibrium price through a call auction, was available only on the BSE. The stock hit a high of Rs. 1,426 and low of Rs. 1,282.10. On BSE, 60.18 lakh shares were traded on the counter. Multi Commodity Exchange of India (MCX) is the first company to be listed after the Securities and Exchange Board of India (Sebi) introduced circuit filters on the listing day.

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.