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Futures ban scuttles MCX’s IPO plans

Futures ban scuttles MCX’s IPO plans
PTI
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First Published: Sun, May 18 2008. 11 58 PM IST
Updated: Sun, May 18 2008. 11 58 PM IST
Kolkata: Three months after filing a prospectus with the market regulator for an initial public offering, or IPO, Multi Commodity Exchange of India Ltd, or MCX, is still undecided on the public issue as it deals with losses from the ban on select food futures.
“We have not decided on the initial public offer,” MCX managing director and CEO Joseph Massey said. The commodity exchange had planned to raise Rs500 crore through the proposed issue.
Massey said the ban imposed on potato and soya oil futures trading had resulted in a daily turnover loss of Rs100 to 120 crore.
“We have lost two important contracts, potato and soya oil futures,” he said.
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First Published: Sun, May 18 2008. 11 58 PM IST
More Topics: MCX | IPO | Food | Futures | Money Matters |