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MCX shines on listing, closes 26% up on debut

05:12 AM Jun 02, 2019 |

FPJ BUSINESS DESK Mumbai

In a stellar stock market debut, the countrys largest commodity exchange MCX listed with a 34 % premium over its IPO price and finally settled 26 % higher at Rs 1,297.05 a share on the BSE. The Sensex snapp

ed its 3- session falling streak and shot up 358 points at 17,503.24 as FIIs picked up bluechips at lower levels amid strong global cues as the Greek debt crisis showed signs of easing and China reported lower inflation in over 18 months.

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Based on a new price- discovery mechanism, followed for the first time in MCX listing, the shares opened the normal trade at the BSE at Rs 1,387 – a premium of 34 per cent over its issue price of Rs 1,032.

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The company last month came out with its IPO, where in it got bids worth Rs 36,000 crore for the shares under offer to raise about Rs. 650 crore.

In the pre- open bidding, the shares attracted a premium of over 40% and the price touched a high of Rs. 1,450.

On the NSE, the shares ended at Rs. 1,294, up 25.39%. ” NSE is already the shareholder of MCX and listing on NSE will be a gradual step,” MCX Vice- Chairman Jignesh Shah said.

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