MSTC Limited which had tapped the capital markets with its offer for sale and listed, but did not have a good outing. The company had an offer for sale of 1,76,70,400 equity shares and had a compulsory QIB portion of 75%. The issue was open from Wednesday the 13th of March and was to close on Friday the 15th of March. The price band was Rs 121-128 with a discount of Rs 5.50 for retail and eligible employees. The issue failed to garner the requisite subscription from QIB’s and was extended. The revised dates were from Monday the 18th of March to Wednesday the 20th of March and the price band was Rs 120-128. The issue was subscribed overall 1.46 times with each of the buckets QIB, HNI. Retail and Employee subscribed 1.13, 2.15, 2.95 and 1.54 times.
The discovered price on BSE was Rs 111 and Rs 115 on NSE. The high was Rs 116.55 on BSE and Rs 120 on NSE. The lows were Rs 110.05 and 111 respectively. The close was Rs 114.20 on BSE, a loss of Rs 5.80 or 4.83%. On NSE the close was Rs 113.95, a loss of Rs 6.05 or 5.04%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 111.00 | 116.55 | 110.05 | 114.20 | -5.80 | -4.83 | 115.35 | 74590 | 74590 | 100.00 |
| NSE | 115.00 | 120.00 | 111.00 | 113.95 | -6.05 | -5.04 | 116.52 | 421066 | 421066 | 100.00 |
| Total | 495656 | 495656 | 100.00 |
The traded volume was 4,95,656 equity shares which was 2.81% of the IPO size. The issue did not have an anchor portion so the entire issue is non-anchor. The delivery volume remains the same as the share is trading in the ‘T’ segment where compulsory delivery would happen for the first 10 trading sessions. The weighted average of the day’s trade was Rs 115.35 on BSE and Rs 116.52 on NSE.
All in all, the issue is not of to a good start and one would have to wait for at least a week to see volumes pick up. The fact that 75% was for QIB will also make traded volumes low and difficult.
