Indian Commodity Bourse Valuation Doubles as Global Firms Buy In

The unlisted shares of India’s National Commodity & Derivatives Exchange Ltd. have surged after investors including global high-speed trading firms bought stakes in the company ahead of its foray into equities.

Shares of NCDEX, India’s main bourse for trading agricultural products, are changing hands for as much as 485 rupees apiece in the unregulated market, people involved in such trades said, asking not to be identified as the information is private.

That’s more than double the price at which the company sold the shares to some investors on Aug. 28 and takes the exchange’s valuation to about $495 million. ...