Multi Commodity Exchange sets price band for up to $134 mn IPO

MUMBAI: The Multi Commodity Exchange Ltd (MCX), India's biggest commodity exchange by turnover, has set a price band of 860 to 1,032 rupees a share for its initial public offering that aims raise as much as 6.6 billion rupees ($134 million).
The first Indian IPO this year would be a key test of investor appetite for share sales in Asia's third-largest economy after weak markets forced many companies to shelve stock offerings last year.
MCX is offering about 6.4 million shares in the IPO, which will open next Wednesday and close on Feb. 24, the exchange said in a newspaper advertisement.
The company will become the first Indian bourse to list its shares on an exchange.
MCX's majority shareholder Financial Technologies India Ltd and investors including state-controlled State Bank of India and Bank of Baroda will sell part of their holdings in the IPO, according to its prospectus.
Morgan Stanley, Citigroup and India's Edelweiss Capital are the bookrunners for the share sale.