At Rs 114.20 on BSE
The S&P BSE Sensex rose 127.19 points, or 0.33% at 38,672.91.
Shares of MSTC settled at Rs 114.20 on BSE, a discount of 4.83% over the initial public offer (IPO) price of Rs 120. The stock debuted at Rs 111, a discount of 7.50% to the IPO price. The stock hit a high of Rs 116.55 and low of Rs 110.05. On BSE, 75,000 shares traded on the counter.
The IPO of MSTC received bids for 2.58 crore shares and it was subscribed 1.46 times. The IPO opened for subscription on 13 March 2019 and it closed on 20 March 2019. Price band was set at Rs 120 to Rs 128 per share. The offer comprised offer for sale by the Government of India of 70.40 lakh shares.
The objects of the issue were to carry out the divestment program of the Government of India, apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders. Government of India will hold 74.9% of total paid up equity share capital of the company post listing.
For FY 2018, consolidated net sales were up 30% to Rs 2265.40 crore. Loss at PAT level for FY 2018 stood at Rs 6.48 crore. Even for the half year ended September 2018, the company has reported net loss of Rs 15.88 crore on revenues of Rs 1476.91 crore.
MSTC is a Mini Ratna Public Sector Undertaking (PSU) company. From an earlier business as a pure trading company, the company has grown into a large diversified, multi-product services and trading company. Currently, the three main business verticals in the company are E-commerce, Trading, and Recycling.
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