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MCX contributes to 23% of BSE cash turnover on debut

Tulemino Antao/Mumbai 09 Mar 12 | 07:52 PM

Multi-Commodity Exchange (MCX), the first Indian bourse to list on an exchange, has contributed to 23.3% of the total cash turnover on the Bombay Stock Exchange (BSE) on its debut.

On the BSE, MCX witnessed a volume of 6,018,674 shares with a total traded value of Rs 809.57 crore, contributing 23.3% to the total cash turnover of Rs 3,475.67 crore, as per details on BSE website.

Earlier, MCX listed at Rs 1,387, a 34%  gain 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 and a low Rs 1,282.10 to finally end at Rs 1,297.05, up 26% from its issue price.

On the National Stock Exchange (NSE), MCX made its debut at Rs 1,408, up 36.7% against its issue prive of Rs 1,032 on the NSE. The stock hit a high of Rs 1,428.55 and a low of Rs 1,282.20 to finally close at Rs 1,296.70, up 25.4% from its issue price. The stock registered a volume of 7,941,567 shares with a total traded value of Rs 1,063.73 crore.

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 was subscribed 54.13 times receiving an overwhelming response from every type of investor, with bids for 297.74 million shares against 5.5 million shares on offer, to garner over Rs 36,000 crore.

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.

MCX is the first company to be listed after the capital market regulator Sebi introduced pre-open bidding with a view to contain wild fluctuation of stock prices on listing day of IPO shares.

As per the new regulations, announced by the capital market regulator on January 20, a pre-open bidding is conducted for one hour between 9 am to 10 am, following which an equilibrium price is discovered. A price band 20% is then imposed for listing-day trade.

The MCX public issue was entirely comprised offer-for-sale by existing shareholders, including main promoter Financial Technologies (India) Ltd, offering 6.4 million shares for sale, accounting for 12.6 per cent stake. Thus, money raised through the IPO will not go to the company as it is an offer for sale by the promoters.

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