MCX likely to come out with Rs 800 crore IPO this month
“The dip in net profit can be attributed to factors like Hypercity, which is still registering losses, and expenditure on new stores opened during the quarter” said Govind Shrikhande, Managing Director, Shoppers Stop Ltd (SSL).
Financial Technologies (FTIL) promoted multi-commodity exchange (MCX) is likely to come out with an initial public offer (IPO) to raise Rs 750-800 crore by the third week of this month, sources have told NDTV Profit. The IPO is likely to be priced between Rs 1,100-1,300, sources said.
Stocks of FTIL traded with nearly 5 per cent gains on the Bombay Stock Exchange at 1220 hours. The Sensex was down over 0.6 per cent.
Sources said Financial Technologies will dilute 5 per cent of its stake while public lender State Bank of India will sell around 4 per cent of its take in the company.
In September 2011, MCX had received the approval of the market regulator Securities and Exchange Board of India (Sebi) for its Draft Red Herring Prospectus (DRHP) for an IPO. MCX has got 12 months from the date of the clearance of the DRHP by Sebi to launch an IPO.
Under the offer, some existing shareholders of MCX, including FTIL, plan to sell 6.4 million shares, constituting 12.6 per cent of the company’s paid—up equity capital.
MCX holds a market share of over 75 per cent of the Indian commodity futures market. It offers futures trading in both agriculture and non-agriculture items.