MCX to launch India's first IPO in 2012 next week

Multi Commodity Exchange of India MCX yesterday said it aims to raise between Rs5.53 billion and Rs6.63 billion $111 million to $134 million from India’s first initial public offering this year. All the shares are secondary, however, which means none of the money will go to the exchange. Instead, the key purpose of the IPO is to provide an exit opportunity for some of the long-term shareholders and to enable the promoter to reduce its stake to comply with Indian regulations.

The deal, which has been talked about for years, will be open for subscriptions from Wednesday to Friday next week February 22-24. An anchor tranche, comprising 15% of...