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MCX managing director and CEO Lamon Rutten during the opening of the IPO in Calcutta on Wednesday. (PTI)
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Calcutta, Feb. 22: The shares of Multi-Commodity Exchange (MCX), the first Indian exchange to go public, received a huge response from investors today.
On Tuesday, MCX allotted 9,26,606 shares to 12 anchor investors — Blackrock Global Funds, Deutsche Securities, Kuwait Investment Authority, Credit Suisse, Tata AIG Life, Canara, HSBC, Oriental Bank of Commerce, Life Insurance, ICICI Prudential, Birla Sunlife and Sundaram Mutual Fund. The anchor investors submitted their bids at the upper limit of the price band — Rs 1,032 a share. Another 2,50,000 shares have been reserved for eligible employees.
The initial public offer (of 64,27,378 shares) was subscribed 91 per cent today. The shares reserved for retail investors got over-subscribed 1.5 times, with bids worth an estimated over Rs 300 crore.
The issue is scheduled to close on February 24. At the upper price band, the IPO will fetch MCX promoters a hefty Rs 663 crore.
Seven promoters of MCX — Financial Technologies (India) Ltd, State Bank, Bank of Baroda, GLF Financials Fund, Alexandra Mauritius Ltd, Corporation Bank and ICICI Lombard General Insurance Company — are divesting their holdings.
Financial Technologies (India) Ltd is the largest shareholder of MCX, holding 31.2 per cent equity pre-IPO.
While the oversubscription by anchor investors reflects how encouraged institutional investors are at the first-ever public offering by a domestic exchange, demand by individual investors on the very first day indicates the return of appetite for fresh issue of equity shares.
Investment bankers said that many bids in the public offer were received at the top-end of the price band.
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