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MSTC IPO Subscribed 1.12 Times

The initial public offer of state-owned trading company MSTC Ltd. was subscribed 1.12 times on the third day of bidding on Friday.

The Rs 226-crore IPO received bids for 1,98,69,390 shares against the total issue size of 1,76,70,400 shares, the data available with the NSE till 7 p.m. hours showed.

Till Thursday, the IPO was subscribed 12 percent.

Price range for the offer, which opened for subscription on Wednesday, has been fixed at Rs 121-128 apiece.

Equirus Capital Pvt. Ltd. is managing the IPO.

MSTC, a Kolkata-based firm, was incorporated in 1964 as a trading company to deal in the export of scrap. There are three main business verticals in the company—e-commerce, trading and recycling.

Also read: MSTC IPO: All You Need To Know