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MCX IPO Opens Today for subscription, Subscribe IPO or not

By Bhaveek Patel Leave a Comment

Multi Commodity Exchange of India (MCX), country’s largest commodity exchange, will open its IPO (initial public offer) for subscription from today. This is India’s first commodity exchange to hit the capital market, by offering 64.27 lakh equity shares (dilution of 12.6% post issue) through this issue. Based on the comparison of the trading volumes of MCX with the leading global commodity futures exchanges in the world, MCX was the largest Silver exchange, the second largest Gold, Copper and Natural Gas exchange and the third largest Crude Oil exchange. MCX is the 5th largest exchange globally and has large market share (87%) in commodities market.

The company has registered growth of over 70% in first 3 quarters of FY12. However, considering the new products and commodities, being added by exchange and huge inflow of new registration of sub-brokers, company should be able to post a CAGR of over 25% for next 3 years. At higher end of price band of Rs.860-1032, valuation per share works out at PE of 16 times based on estimated EPS as Rs.65 for FY12. With such strong fundamentals this IPO is likely to get very sound response from retail and institutional investors.

Rating agency CRISIL too has also rated it 5/5 as it has strong business model of the company. We strongly advice to subscribe this IPO, On listing day itself we are expecting about 10% gains.

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Category: IPO Tags: IPO Analysis/ MCX IPO

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. S Raghavendra says

    Bhaveek sir, Due to busy schedule I was unable to fill IPO application today. Can you filter out how much this ipo is subscribed so far?
    Is there any chances that I will be allotted shares in this IPO. Reply sir.

    Reply
    • Bhaveek Patel says

      MCX IPO is subscribed 0.91 times as per data on NSE, So there is high possibility that you will be allotted MCX shares. But be early tomorrow, else you will miss the golden chance.
      Regards,
      OurNifty.com Support Team.

      Reply

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