MCX IPO

MCX IPO ends 50 times covered, prices at the top

Shareholders of India's dominant commodity futures exchange pocket $134 million from the country's first IPO in seven months.
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MCX's chief executive, Lamon Rutton at the exchange's headquarters in Mumbai (AFP)
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<div style="text-align: left;"> MCX's chief executive, Lamon Rutton at the exchange's headquarters in Mumbai (AFP) </div>

Shareholders of Multi Commodity Exchange of India MCX, the country’s trading platform for commodity futures, have raised Rs6.63 billion $134 million from India’s first initial public offering in seven months after the price was fixed at the top end of the range. The latter was no surprise after investors piled into the transaction, leaving the overall deal just over 54 times covered.

However, the demand does stand out compared with most other IPOs in Asia so far this year, which have seen muted interest both from institutions and retail investors. The enthusiasm reflects a renewed appetite for Indian stocks in general this year, but MCX also stands out...

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