The IPO of state-owned MSTC has been extended till March 20 and the price band has also been lowered. The price band of the offer has now been revised to Rs 120-128 from Rs 121-128 per share. The issue was scheduled to close on Friday, March 15. MSTC, a Kolkata-based firm, was incorporated in 1964 as a trading company to deal in the export of scrap. The company deals in three main business verticals -- e-commerce, trading and recycling. MSTC scrip will be listed on the BSE and NSE.
The IPO by Miniratna MSTC got fully subscribed on the final day of the offer on Friday. The issue received bids for 1,90,49,220 shares which was 1.08 times of the total issue size of 1,76,70,400. The Qualified Institutional Buyers (QIBs) quota was subscribed by 0.79 times, Non Institutional Investors (NII) 1.69 times and retail 2.60 times. At the upper price band of Rs 121-128 per share, the issue size stands at Rs 226 crore.
The initial public offer of state-owned e-commerce company MSTC was subscribed 12 per cent on the second day of bidding on Thursday. The Rs 226-crore IPO received bids for 21.04 lakh shares against the total issue size of over 1.76 crore shares. The IPO, which opened for subscription on Wednesday, would close Friday and has a price band of Rs 121-128 per share. MSTC, a Kolkata-based firm, was incorporated in 1964 as a trading company to deal in the export of scrap. The equity shares of MSTC are proposed to be listed on BSE and NSE.
The initial public offer (IPO) by Miniratna MSTC received a tepid response on its opening day on Wednesday. The issue received bids for 8.10 lakh shares, which was nearly 5% of the total issue size of 1.767 crore shares. The price band of the issue is Rs 121-128. At the upper price band, the issue plans to raise Rs 226 crore. The Central Public Sector Enterprises (CPSEs) which have made profits in the last three years continuously and have positive net worth are eligible to be considered for grant of Miniratna status.
State-owned e-commerce company MSTC plans to raise Rs 226 crore through the initial public offer (IPO) that will open for subscription on March 13 and will close on March 15. The company has fixed the price band of Rs 121-128 per equity share. After the IPO, the government's stake in the firm will come down to 64.85% from 89.85%. Incorporated in 1964, it is one of the leading PSU entities engaged in providing e-commerce services to customers in a most transparent, fair and secure manner. There is no other listed entity operating in the similar line of business as of company.
Jeans maker Levi Strauss & Co said on March 11 it expects to raise as much as $587 million through its initial public offering (IPO). The company expects to offer 36.7 million shares priced between $14 and $16, giving it a market value of about $6.17 billion. The 145-year old Levi's is one of the world's biggest denim brands and the inventor of blue jeans. The company intends to list as "LEVI" on the New York Stock Exchange.
According to NSE data, only 15 companies, each with a valuation of less than $250 million, took the IPO route to raise funds between 2016 and 2018, while between the period 2012 and 2015, 21 companies had issued IPOs. The count was higher at 82 for the period 2008-11. Access to private equity funding and venture capital is making the IPOS lose their sheen. PE and VC investments in January-October 2018 had touched $25.2 billion, as per EY’s Private Equity Deal Tracker.