MSTC Initial Public Offering subscribed 5% on Day 1, offer open till Friday

The initial public offering (IPO) of government-owned MSTC was subscribed 5 per cent on Day 1. So far, the issue has garnered bids for 810,180 shares against 17 million shares on offer.

 

The IPO will remain open for subsc­rip­tion till Friday. The firm has set the price band at Rs 121-128 a share. MSTC offers a discount of Rs 5.5 per share on the allotment price to retail investors.

 

At the upper end of the price band, the IPO size would be Rs 226 crore. After the IPO, the government’s stake in the company will drop from 89.85 per cent to 64.75 per cent.

 

Equirus Capital is the investment bank for the IPO. MSTC operates in the metals and mining sector and has three business verticals — e-comme­rce, trading and recycling.