Sebi clears MCX proposal for IPO.

Sebi clears MCX proposal for IPO.



Leading commodity exchange MCX said on Sep 12th that market regulator Sebi has cleared its Draft Red Herring Prospectus for an initial public offer.

The clearance of the Securities and Exchange Board of India (Sebi) is valid for 12 months from now. The exchange has been asked to file offer document with stock exchange/ROC, a company spokesperson said here.

The Multi-Commodity Exchange of India (MCX) had filed DRHP with Sebi for an IPO of 6,427,378 equity shares of Rs 10 each through an offer for sale by existing shareholders.
The offer constitutes 12.60% of the paid-up equity share capital of the company.

Financial Technologies (India) Ltd, State Bank of India, GLG Financials Fund, Alexandra Mauritius, Corporation Bank, ICICI Lombard General Insurance Company and Bank of Baroda are the selling shareholders in the offer. FTIL (Promotors of MCX) holds 31% before IPO and will dilute to 26%.

MCX is the sixth largest commodity exchange in the world with No 1 in silver and No 2 ranking in gold. It would be the first exchange in India to go public and get India at par with other countries with listed exchanges such as the US, Hong Kong, the UK, Singapore, Japan and Australia.

Edelweiss Capital, Citigroup Global Markets India and Morgan Stanley India Company are the book running lead managers to the offer.

src-BS