Shares of MSTC Ltd fell more than 13 per cent 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.
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