IPO Update: MSTC Limited IPO fully subscribed
The state-owned company's initial public offering (IPO) was fully subscribed at 14:15 hours on the last day of its subscription on Friday, March 15, 2018.
MSTC Limited is an e-auctions and procurement solutions company. The IPO's price band was fixed at Rs. 121 to 128 per equity share and was open for subscription from Wednesday, March 13. Retail investors and the company's employees are eligible for Rs. 5.50 discount. The minimum bid lot size is 90 equity shares.
As per the data available on NSE, at 14:15 hours, of the total issue size of 1,76,70,400 the total bid received were at 1,89,61,380. Of these, the bids received at cut-off price were 36,83,250. The number of times the issue was subscribed was 1.07.
MSTC Limited is a mini-ratna public sector company is under the administrative control of the Ministry of Steel, Government of India. The government holds 89.85 per cent shareholding in the company through this offer for sale (OFS) government will raise approximately Rs. 900 crore and MSTC Limited will not receive any proceeds from the Offer.
MSTC Limited was formerly known as Metal and Scrap Trading Corporation (MSTC) and acted as a canalising agency for import of scrap. Today, the company engages in trading of bulk industrial raw materials, recycling scrap for the steel industry and providing e-commerce related services for government agencies and ministries.