March 29, 2019 / 4:58 AM / a month ago

State-owned MSTC falls on market debut

A rupee coin is seen in this picture illustration taken in Mumbai April 30, 2012. REUTERS/Vivek Prakash/Files

(Reuters) - Shares of MSTC Ltd fell more than 13 percent on their market debut on Friday after the state-owned scrap metals trading firm’s initial public offering raised 2.26 billion rupees ($32.69 million).

The stock was trading at 116.40 rupees by 0447 GMT, after touching a low of 111 rupees, compared with the IPO price’s higher end of 128 rupees.

The offering was subscribed around 1.5 times on the last day of sale earlier this month.

Reporting By Arnab Paul in Bengaluru; Editing by Gopakumar Warrier

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