MSTC initial public offer extended till March 20

New Delhi: The initial share sale of state-run e-commerce firm MSTC Ltd has been extended till March 20 while the price band has been slashed, as per a regulatory filing. While the price band of the offer was to end on Friday, it has now been revised from Rs 121-128 per share to Rs 120-128. The initial public offer was subscribed 1.12 times on the third day of bidding on Friday.

Against the total issue size of 1,76,70,400 shares, the Rs 226-crore IPO obtained offers for 1,98,69,390 shares, according to data available with the NSE.

Offer subscribed 12% till Thursday

The offer, which opened on Wednesday, was subscribed 12 percent till Thursday. The initial public offer is being managed by Equirus Capital Private Ltd.

The government, which owns nearly 89.85 percent stake in the e-commerce firm, is looking to sell 25 percent of its share.

Based in Kolkata, MSTC was incorporated in 1964 as a trading company to deal in scrap export. The company has three main business verticals: e-commerce, trading and recycling. MSTC scrip will be listed on the BSE and NSE. MSTC's IPO is priced at between 121 rupees (US$ 1.75) and Rs 128 per share.