Multi-Commodity Exchange (MCX), the first Indian bourse to list on an exchange, has debuted at Rs 1,387, a 34% premium against its issue price of Rs 1,032 per share on the Bombay Stock Exchange (BSE). The stock hit a high of Rs 1,426 on the BSE.
Mutli Commodity Exchange has over 307,000 investors holding shares worth Rs 1 lakh or less. These investors together hold 3.37 million shares or 6.63% in the company.
After hitting an early trade high of Rs 1,428.55 on NSE, the stock has pared some of its gains on heavy volumes of over 7 million shares. As of 12.15, MCX was trading with gains of Rs 313 or 30.33% over its offer price of Rs 1,032 at Rs 1,345.
India's largest and world’s 5th largest commodity exchange, MCX sold 6.43 million equity shares of Rs 10 each, constituting 12.6% of the paid-up equity share capital of Rs 50.99 crore. The issue subscribed 54.13 times on the last day with overwhelming response from every type of investor.
The retail portion of the Rs 650 crore IPO was oversubscribed 24.14 times, while qualified institutional buyers (QIBs) and non institutional investors' portions were oversubscribed by 49.12 and 150.35 times, respectively.
Shares rose more than 37% on their trading debut on Friday, indicating a revival in investor appetite for share offerings after a lacklustre 2011.
MCX is the first company to be listed after Sebi introduced circuit filters on the listing day.
The exchange's majority shareholder Financial Technologies India Ltd and investors including state-controlled State Bank of India and Bank of Baroda sold part of their holdings in the IPO.
