PSU firm engaged in e-auctions and procurement solutions, MSTC initial public offer (IPO) saw muted response on Day 2, and was subscribed about 11% at 4.00 pm on Day 2. The public offer received bids for a total of 19.04 lakh shares as against the total issue size of 1.76 crore shares, implying a subscription of about 11%, data from exchanges showed. The retail investor portion registered the highest demand with a total of 17.93 lakh bids received as against their issue size of 17.60 lakh, implying a subscription of more than 100% of the issue reserved for them. Non-institutional investors bid for a total of 1.40 lakh shares as against their issue size of 26.40 lakh shares, implying 5% subscription. Employees bid for a total of 35,000 shares, as against 70,000 shares reserved for them, implying a subscription of more than 50% of their portion.\u00a0Notably, the firm looks to to raise Rs 226 crore at the upper price band. The Kolkata-based company has fixed the price band for its public offer at Rs 121 to Rs 128 per equity share. The issue will remain open till tomorrow. Also read:\u00a0HDFC Bank shares hit record high after becoming third firm to cross 6-lakh crore mcap; check top five As part of the public offer, the firm will be selling 1.76 crore equity shares or 25% of total paid-up equity, by the government of India, acting through the ministry of steel, through the initial stake sale. According to the firm\u2019s prospectus, the minimum bid lot is fixed at 90 equity shares and and in multiples of 90 equity shares thereafter. A discount of Rs 5.50 per share on the offer price is being offered to retail individual bidders and eligible employee bidders. At present, the government holds a total 89.85% stake in MSTC. Following the divestment, it\u2019s stake is expected to reduce to 64.85%. "The company is bringing the issue at p\/b multiple of approx 2.63 at higher end of price band of Rs 128 Although company is one of the leading PSU entities engaged in providing e-commerce services but loss making financials are acting as a dampener,\u201d HEM Securities said in a report. The research firm has a long-term subscribe on the issue.