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The initial public offer of state-owned e-commerce company MSTC was subscribed 12 per cent on the second day of bidding Thursday. The Rs 226-crore IPO received bids for 21,04,200 shares against the total issue size of 1,76,70,400 shares, as per data available with the NSE. The IPO, which opened for subscription on Wednesday, would close Friday and has a price band of Rs 121-128 per share. Equirus Capital Private Ltd is managing the IPO. 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. The equity shares of MSTC are proposed to be listed on BSE and NSE.