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MSTC IPO is a book built issue of Rs 212.04 crores.
MSTC IPO bidding started from March 13, 2019 and ended on March 20, 2019. The allotment for MSTC IPO was finalized on Monday, March 25, 2019. The shares got listed on BSE, NSE on March 29, 2019.
MSTC IPO price band is set at ₹120 to ₹128 per share. The minimum lot size for an application is 90 Shares. The minimum amount of investment required by retail investors is ₹11,520.
The issue includes a reservation of up to 70,400 shares for employees offered at a discount of Rs 5.5 to the issue price.
Equirus Capital Private Limited is the book running lead manager of the MSTC IPO, while Alankit Assignments Ltd is the registrar for the issue.
Refer to MSTC IPO RHP for detailed information.
| IPO Date | March 13, 2019 to March 20, 2019 |
| Listing Date | March 29, 2019 |
| Face Value | ₹10 per share |
| Price Band | ₹120 to ₹128 per share |
| Lot Size | 90 Shares |
| Total Issue Size | 17,670,400 shares (aggregating up to ₹212.04 Cr) |
| Retail Discount | Rs 5.5 per share |
| Employee Discount | Rs 5.5 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
MSTC IPO offers 17,670,400 shares. 13,200,000 (74.70%) to QIB, 2,640,000 (14.94%) to NII, 1,760,000 (9.96%) to RII, 70,400 (0.40%) to employees. 19,555 RIIs will receive minimum 90 shares and (sNII) and (bNII) will receive minimum 1,620 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | - | NA |
| QIB Shares Offered | 13,200,000 (74.70%) | NA |
| NII (HNI) Shares Offered | 2,640,000 (14.94%) | |
| Retail Shares Offered | 1,760,000 (9.96%) | 19,555 |
| Employee Shares Offered | 70,400 (0.40%) | NA |
| Total Shares Offered | 17,670,400 (100%) |
MSTC IPO opens on March 13, 2019, and closes on March 20, 2019.
| IPO Open Date | Wednesday, March 13, 2019 |
| IPO Close Date | Wednesday, March 20, 2019 |
| Basis of Allotment | Monday, March 25, 2019 |
| Initiation of Refunds | Tuesday, March 26, 2019 |
| Credit of Shares to Demat | Thursday, March 28, 2019 |
| Listing Date | Friday, March 29, 2019 |
| Cut-off time for UPI mandate confirmation | 5 PM on March 20, 2019 |
Investors can bid for a minimum of 90 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 90 | ₹11,520 |
| Retail (Max) | 17 | 1530 | ₹195,840 |
| Lot Size Calculator | |||
The Promoter of the company is the President of India, acting through the MoS. The Promoter currently holds 89.85% of the pre-Offer paid-up Equity Share capital of the Company.
| Share Holding Pre Issue | 89.85% |
| Share Holding Post Issue | 64.75% |
Incorporated in 1964, Kolkata based MSTC Limited is a public sector unit (PSU) involved in the trading of bulk raw material and e-commerce service provider to government and government-controlled entities.
The company was previously a canalizing agency (an enterprise created specifically to import and/or export of ferrous scrap) until 1992. After de-canalisation it has established itself as an e-commerce service provider and a major player in trading of bulk raw material.
In FY 2017, the company entered into the recycling business through a 50:50 joint venture with Mahindra Intertrade Ltd (a subsidiary of Mahindra Vehicle Manufacturers Ltd) by forming a new company Mahindra MSTC Recycling Pvt Ltd (MMRPL). This new firm is in the business of auto shredding, processing of end of life vehicles (ELVs), other white goods and products for the production of iron and non-iron shredded scrap
The 3 main business verticals in the company are:
(i) E-commerce,
(ii) Trading of bulk raw material
(iii) Recycling through MMRPL.
Since 2002, the company is offering e-auction platforms to many Government and Government controlled entities. As on December 31, 2018, MSTC has conducted over 1,90,000 auctions, serving over 1,10,000 users. It has conducted 28,600 auctions/events during 2018 and 30,500 auctions/event for nine months period ended December 31, 2018.
MSTC was the company behind developing E-RaKAM portal, a digital initiative bringing together the farmers, FPOs, PSU, civil supplies and buyers on a single platform for selling and buying of agricultural products.
MSTC has a country-wide footprint with 4 regional offices located in Delhi, Mumbai, Kolkata and Chennai, 13 branch offices in major cities of India and 3 site offices.
For Fiscals 2018, 2017 and 2016, the total revenue of the company was Rs 27,931.50 million, Rs 18,762.00 million, and Rs 33,078.00 million respectively.
The revenues from trading vertical are Rs 22,627.50 million, Rs 13,854.10 million and Rs 28,114.70 million for Fiscal 2018, 2017 and 2016 respectively.
The revenues from e-commerce vertical are Rs 1,900.60 million, Rs 1,618.80 million and Rs 1,277.50 million for Fiscal 2018, 2017 and 2016 respectively.
The EBITDA for Fiscals 2018, 2017 and 2016 was Rs 1,131.99 million, Rs 2,626.40 million and (Rs 853.50) million respectively.
Competitive strengths of the company:
1. One of the leading PSU providing e-commerce services.
2. Diversified customer portfolio
3. The active client base of government and government-controlled entities.
4. Preferred service provider for conducting e-auctions for government bodies
| Particulars | For the year/period ended (in Rs. Million) | |||||
|---|---|---|---|---|---|---|
| 30-Sep-18 | 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | |||
| Total Assets | 42,566.28 | 47,378.56 | 45,998.14 | 41,621.75 | ||
| Total Revenue | 14,915.50 | 27,931.50 | 18,762.00 | 33,078.00 | ||
| Profit After Tax | (158.84) | (64.81) | 1,391.50 | (2,471.00) | ||
The objects of this Offer are to:
1. Carry out the disinvestment of Equity Shares by the Selling Shareholder in the company
2. Achieve the benefits of listing the Equity Shares on the Stock Exchanges.
The Company will not receive any proceeds from the Offer and all proceeds will go to the Selling Shareholder.
[Dilip Davda] Due to negative earnings following aggressive provisioning, prima facie this issue looks costly. But considering dividend yield and the bright prospects with its many new initiatives for a green environment and digital platforms. Investors may consider this issue for long term investment. Read detail review...
The MSTC IPO is subscribed 1.46 times on March 20, 2019 5:00:00 PM. The public issue subscribed 2.95 times in the retail category, 1.13 times in the QIB category, and 2.15 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 1.13 |
| NII | 2.15 |
| Retail | 2.95 |
| Employee | 1.54 |
| Total | 1.46 |
Lead Manager of the MSTC Limited issue, has informed the Exchange that the issue closure date has been extended to 20 March 2019. Post issue modification date has been revised to 22 March 2019.
The price band has been revised from Rs. 121 to Rs. 128 To Rs. 120 to Rs. 128 per share.
| Listing Date | March 29, 2019 |
| BSE Script Code | 542597 |
| NSE Symbol | MSTCLTD |
| ISIN | INE255X01014 |
| Final Issue Price | ₹120 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹120.00 |
| ₹111.00 |
| ₹110.05 |
| ₹116.55 |
| ₹114.20 |
| NSE |
|---|
| ₹120.00 |
| ₹115.00 |
| ₹111.00 |
| ₹120.00 |
| ₹113.95 |
MSTC Limited
225-C,
A. J. C. Bose Road
Kolkata - 700 020
Phone: +91-033-2281-3088
Email: cosec@mstcindia.co.in
Website: http://www.mstcindia.co.in/
Alankit Assignments Ltd
Phone: (011) 4254 1234
Email: sarunraj@alankit.com
Website: http://ipo.alankit.com/
MSTC IPO is a main-board IPO of 17,670,400 equity shares of the face value of ₹10 aggregating up to ₹212.04 Crores. The issue is priced at ₹120 to ₹128 per share. The minimum order quantity is 90 Shares.
The IPO opens on March 13, 2019, and closes on March 20, 2019.
Alankit Assignments Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
The MSTC IPO opens on March 13, 2019 and closes on March 20, 2019.
MSTC IPO lot size is 90 Shares, and the minimum amount required is ₹11,520.
You can apply in MSTC IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for MSTC IPO will be done on Monday, March 25, 2019, and the allotted shares will be credited to your demat account by Thursday, March 28, 2019. Check the MSTC IPO allotment status.
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