MSTC IPO Subscribed 12% On Second Day Of Bidding

The initial public offer of state-owned e-commerce company MSTC was subscribed 12 percent on the second day of bidding.

The Rs 226-crore IPO received bids for 21.04 lakh shares against the total issue size of 1.76 crore shares, as per data available with the National Stock Exchange.

The IPO, which opened for subscription on Wednesday, would close Friday and has a price band of Rs 121-128 per share.

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.

The equity shares of MSTC are proposed to be listed on BSE and NSE.