Profit

State-Run E-Commerce Firm MSTC's IPO Fully Subscribed

The government, which owns an 89.85 per cent stake in MSTC, is aiming to sell up to 25 per cent of its share.

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State-Run E-Commerce Firm MSTC's IPO Fully Subscribed

State-run e-commerce firm MSTC Ltd's listing was fully subscribed on the final day of its initial public offering, stock exchange data showed on Friday.

The IPO, expected to raise as much as Rs 226 crore, was 1.12 times subscribed, with investors bidding for 1.99 crore shares.

The share sale in the e-auctioning, trading and recycling group comes as appetite for Indian equities picks up weeks before a national election, amid renewed hopes of a second term for Prime Minister Narendra Modi.

The government, which owns an 89.85 per cent stake in MSTC, is aiming to sell up to 25 per cent of its share.

MSTC had priced its IPO at between Rs 121 and Rs 128 per share.



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