Shares of state-owned MSTC fall 13% on market debut

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Published: March 29, 2019 11:01:33 AM

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.

 

Aussie shares, US china, US china trade talks, Sino-US trade talks, S&P/ASX 200 index, market newsThe stock was trading at 116.40 rupees by 0447 GMT.

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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