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:
(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
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.
|Particulars||For the year/period ended (in Rs. Million)|
|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.
|Issue Open||Mar 13, 2019 - Mar 20, 2019|
|Issue Type||Book Built Issue IPO|
|Issue Size||17,670,400 Eq Shares of Rs 10 |
(aggregating up to Rs 226.18 Cr)
|Face Value||Rs 10 Per Equity Share|
|Issue Price||Rs 120 - Rs 128 Per Equity Share|
|Retail Discount||Rs 5.50 per Equity Share|
|Employee Discount||Rs 5.50 per Equity Share|
|Market Lot||90 Shares|
|Min Order Quantity||90 Shares|
|Listing At||BSE, NSE|
|Bid/Offer Opens On||Mar 13, 2019|
|Bid/Offer Closes On||Mar 20, 2019|
|Finalisation of Basis of Allotment||Mar 25, 2019|
|Initiation of Refunds||Mar 26, 2019|
|Credit of Shares to Demat Acct:||Mar 28, 2019|
|IPO Shares Listing Date:||Mar 29, 2019|
|Pre Issue Share Holding||89.85%|
|Post Issue Share Holding||64.75%|
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.
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