An initial public offering (IPO) by India’s Multi Commodity Exchange (MCX) to raise up to $134 million was fully covered on the second day of its launch, and analysts said strong response to the issue is expected to revive the dormant primary market. India’s first IPO this year is seen as a test of investor appetite for share sales after weak local markets forced many companies to shelve stock offerings last year. Share offerings in the pipeline include a follow-on share sale by state-run companies Oil and Natural Gas Corp, Steel Authority of India and Bharat Heavy Electricals. “We believe this issue, being the first quality issue post major IPO flops, is likely to receive overwhelming response,” said an analyst with Aditya Birla Money Research, which has recommended that investors subscribe to the issue. The IPO will be subscribed over 20 times in the retail segment, said the Aditya Birla Money analyst, who declined to be named. Analysts said MCX’s more-than 85-per cent market share will help draw equity investors seeking exposure to commodity markets. “We believe MCX can witness strong growth in revenue and profitability going ahead, which makes its valuation much more attractive than global peers,” said Sharan Lillaney, an analyst with Angel Broking.