Public issue to buoy Financial Tech

The stock of Financial Technologies will be in focus this week, as the public issue of MCX hits the capital market on February 22. The stock has already seen a sharp rise due to the impending IPO. FTIL currently holds 31.2 per cent stake in MCX of which it will dilute around 5 per cent stake; other investors such as State Bank of India, Corporation Bank, Bank of Baroda, ICICI Lombard General Insurance, GLG Financials Fund and Alexandra Mauritius will also reduce their holdings through the IPO. MCX has set a price band of Rs 860-1,032 a share for the issue. If it sails through, this would be first IPO in 2012. Earlier, Goodwill Hospital was forced to withdraw its public issue due to poor response from investors. In this backdrop, the IPO will be keenly watched.