The Multi-Commodity Exchange of India on Friday became the first bourse in the country to be listed following a hugely successful initial public offering. MCX shares jumped to an intraday high of 1,427 rupees - nearly 40 percent higher than its IPO price - on the Bombay Stock Exchange. The stock later lost some ground to close at 1,297.05 rupees, up 26 percent over its IPO price. Around six million shares were traded.
MCX's 6.4 million shares in the offering were priced at 1,032 rupees ($20.6) each, raising $134 million. The issue was oversubscribed 54 times, receiving bids worth $7.3 billion. MCX, run by Financial Technologies India, offers futures trading in bullion, metals, energy and agriculture commodities.