MSTC shares fall over 5 pct in debut trade

Shares of state-owned MSTC Ltd made a weak market debut Friday and closed over 5 per cent lower as against the issue price of Rs 120 per share. The stock opened the day at Rs 111, a 7.5 per cent fall from the issue price on the BSE. Intra-day, it touched a high of Rs 116.55 and a low of Rs 110.05. It finally closed at Rs 114.20, 4.83 per cent lower. On the National Stock Exchange (NSE), shares closed with a 5.16 per cent fall at Rs 113.80.

The company's market valuation stood at Rs 803.97 crore on the BSE. MSTC's Rs 226-crore initial share sale, which was extended, was subscribed 1.46 times.

In an update on the NSE, the book running lead managers (BRLM) to the MSTC issue had told the exchange that the issue closure date had been extended up to March 20. Also, price band was revised from Rs 121-128 to Rs 120-128 per share.

The offer was earlier scheduled to close on March 15.

Equirus Capital Private Ltd managed the offer. 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.