MSTC's Rs 226-Crore Public Offer Subscribed 1.5 Times

E-commerce firm MSTC's initial public offering (IPO) to raise as much as Rs 226 crore ($32.86 million) was subscribed 1.5 times, after the company extended the share sale until Wednesday and cut the lower end of the price band.

Investors bid for 2.58 crore shares of the state-owned firm, compared to 1.77 crore shares on offer, stock exchange data as of 5:00 pm showed.

The issue was subscribed 1.12 times on Friday, when the IPO was originally set to close.

MSTC revised the price range for the share sale to Rs 120-128 per share on Monday from Rs 121-128.

MSTC's share sale comes at a time when investors are taking a cautious stance ahead of general elections starting in April, although the sentiment for Indian equities has picked up amid renewed hopes for a second term for Prime Minister Narendra Modi's government.

The government, which owns an 89.85 per cent stake in MSTC, aims to sell up to 25 per cent of its share in the company.

($1 = 68.77)