India's largest commodity bourse MCX is likely to launch its up to Rs 750 crore (Rs 7.5 billion) initial public offer (IPO) by month-end, becoming the first ever exchange in the country to get listed.
When asked whether IPO would hit the market by month-end, MCX Chairman Venkat Chary told PTI, "Hopefully".
Chary further said that MCX IPO would be game changer in the stock market and would lift the sentiment from the current slump. "This IPO will lift all the boats."
He, however, refused to divulge details of the size of the public offer, although sources said that it could be between Rs 650-750 crore (Rs 6.5-7.5 billion).
Promoters Financial Technologies India Ltd (FTIL) as also shareholders like State Bank of India (SBI) and the Corporation of Bank are together selling 12.6 per cent stake in the exchange.
The IPO could give the exchange the market value of around Rs 5,000 crore (Rs 50 billion).
FTIL (Promotors of MCX) holds 31 per cent before IPO and will dilute to 26 per cent. MCX, the largest commodity bourse in the country, has more than 70 per cent share in the total turnover of the commodity further market of Rs 144.31 crore (Rs 1.44 billion) in April-January 15 of the current fiscal.
Globally, it is the sixth largest commodity exchange with No 1 in silver and No 2 ranking in gold.
It would be the first exchange in India to go public and get India at par with other countries with listed exchanges such as the US, Hong Kong, the UK, Singapore, Japan and Australia.