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MUMBAI: Shares of Kolkata-headquartered MSTC on Friday made a tepid market debut, as the scrip got listed at Rs 111 on BSE, a discount of 7.5 per cent to its issue price of Rs 120.
The Rs 226 crore initial public offer, which opened on March 13, could not sail through during the stipulated three-day period.
The company had to extend initial public offering period and cut price band to Rs 120 from Rs 121 earlier, as the issue failed to get enough bids from institutional buyers.
Another PSU Garden Reach Shipbuilders Engineers, whose IPO came in September last year, had also failed to attract enough bids.
The MSTC IPO was a share sale by the central government.
The company targeted a valuation of as much as Rs 896 crore at the upper end of the price band.
The company is a Mini Ratna public sector undertaking (PSU) company, incorporated in 1964 as a pure trading company.
The company has since transformed 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.
Equirus Capital was the sole merchant banker managing the share sale.
