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Posted by Shyam as IPO Watch
Multi Commodity Exchange (MCX), world’s fifth largest and India’s largest commodity exchange is coming up with its IPO. MCX is the first exchange to get listed on Indian bourses. Currently MCX is offering trading facility in 49 commodities, available with different future contracts. The current valuation of the company sounds very attractive.
The average daily turn-over in 9M FY12 (in nine months of FY12) ended December 2011 has amplified by 60% to Rs 514 billion in comparison to Rs 321 billion in FY 2011. MCX is promoted by Financial Technologies, State Bank of India, NYSE (Euro-next NV), Fidelity, Merrill Lynch, IFCI, Corporation Bank, ICICI, Passport Capital, Union Bank, HDFC Bank, Bank of India, Bank of Baroda, etc.
The issue opens today, i: e, 22-Feb-2012 and will close on 24-Feb-2012. The issue is having a face value of Rs.10 per equity share. The IPO is available with the issue size of 6,427,378 equity share of Rs. 10 each. The issue is available in the price band of Rs. 860- Rs. 1032 per equity share. Minimum application is of 6 shares and will get listed on BSE.
The issue is entirely based on 100% book building process where, 50% of the net offer is reserved for qualified institutional buyers and allotment being on proportionate basis. 15% is reserved for non-institutional bidders and 35% of the issue will be made available to retail individual bidders. The MCX IPO has been assigned grade 5 by CRISIL, denoting the company has strong fundamentals.
Grade 5 denotes strong fundamentals and grade 1 as poor fundamentals as per CRISIL. The lead managers of the issue are Edelweiss Capital Limited, Citigroup Global Markets India Private Limited and Morgan Stanley India Company Private Limited. Karvy Computershare Private Limited is the registrar for this MCX IPO.
A quick look at the issue
|Issue opens on||22-Feb-2012|
|Issue closes on||24-Feb-2012|
|Face value||Rs. 10|
|Issue size||6,427,378 equity shares|
|Issue size||Rs. 552.75 – 663.31 Crore|
|Issue price||Rs. 860 – Rs. 1032 Per Equity Share|
|Issue type||100% Book Building process|
|Minimum application||6 shares|
|Grading||Grade 5 by CRISIL|
|Registrar||Karvy Computershare Private Limited|
|Lead managers||Edelweiss Capital Limited, Citigroup Global Markets India Private Limited and Morgan Stanley India Company Private Limited|
The issue is quite lucrative as the company has strong fundamentals and has witnessed a strong growth in a very span of time. It is expected that the issue may over-subscribe, however this IPO is considered to be a good investment opportunity. Let us know if you are planning to invest in the MCX IPO. Get complete details about Multi Commodity Exchange (MCX) here.
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