Thursday, February 16, 2012

MCX to announce price band for issue tomorrow

India's largest commodity bourse Multi Commodity Exchange (MCX), the first to hit the capital market on February 22, will announce the price band for the issue tomorrow. "The price band will be announced tomorrow," MCX Managing Director and CEO Lamon Rutten said today. The MCX public offer will be through the 100 per cent book building route and is likely to be the first IPO of the year 2012. The commodity bourse is not offering any discount to retail investors. MCX Vice-Chairman Jignesh Shah, however, said the pricing would be such that it would be attractive to all investor classes. MCX is also vying for anchor investor in the the public offering of 64.27 lakh shares, or 12.6 per cent, of the total share equity. Anchor investors have a reservation of 15 per cent of the total share under offer in the issue. Some 2.5 lakh shares will be reserved for employees. Promoter Financial Technologies (India) Ltd will sell 5.18 per cent to bring down its stake in MCX to 26 per cent