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Multi Commodity Exchange of India (MCX) has received the SEBI approval for its proposed initial public offer of 64.27 lakh shares. Confirming the development a MCX spokesperson said the exchange has been asked to file offer document with the Bombay Stock Exchange and Registrars of Companies (RoC).

MCX received the SEBI nod for the third time as the exchange could not launch its IPO in 2006 and 2008 due to critical conditions of market.

The issue will at first be listed on the BSE and later on the NSE, which holds 2.45 per cent stake in MCX. Financial Technologies, the promoter of MCX, along with six other institutions will cumulatively offload 12.60 per cent stake to rise about Rs 750 crore through issue.

“The IPO may be priced at about Rs 1,200 a share as the last private placement of MCX shares with a face value of Rs 5 was done at Rs 620 a share. Now, the exchange is offering shares with a face value of Rs 10 through the IPO,” said an analyst.MCX is the sixth largest commodity exchange in the world with number one ranking in silver and number two in gold, will be the first exchange in India to go public.Financial Technologies supposed to be bring down its holding in MCX to 26 per cent from 31 per cent by September-end, recently received an extension of six months from FMC.

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