Subscription reaches to 1.18 times of MSTC IPO according to NSE

State-owned MSTC's initial share sale offer, which was extended till March 20, has been subscribed 1.18 times on the fifth day of bidding Tuesday. In an update on the NSE on Friday, the book running lead managers (BRLM) to the MSTC issue had told the exchange that the issue closure date has been extended up to March 20. Also, the price band has been revised from Rs 121-128 to Rs 120-128 per share.

The offer was earlier scheduled to close on March 15. The IPO has received bids for 2,08,38,240 shares against the total issue size of 1,76,70,400 shares, according to NSE data till Tuesday.

The category reserved for qualified institutional buyers was subscribed 85 per cent, non-institutional investors, 1.69 times and retail investors 2.85 times. Equirus Capital Private Ltd is managing the offer.

MSTC scrip will be listed on the BSE and the NSE. 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.