Published on 18/03/2019 9:00:29 AM | Source: Reuters

State-run MSTC extends IPO closure, revises price band

Posted in Top Stories| #IPO #Stock Market #MSTC Ltd #Ecommerce

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Indian state-run e-commerce firm MSTC Ltd revised the lower end of its price band for the initial public offering (IPO), and extended the subscription till March 20.

The IPO, expected to raise as much as 2.26 billion rupees ($32.78 million), was 1.12 times subscribed, stock exchange data showed on Friday.

MSTC revised the price range to 120 rupees-128 rupees per share, according to the NSE Nifty. It had earlier priced the IPO between 121 rupees and 128 rupees per share.

(Reporting by Tanvi Mehta in Bengaluru, Editing by Sherry Jacob-Phillips)