March 20, 2019 / 1:25 PM / a month ago

India's state-run MSTC $33 million IPO subscribed 1.5 times after sale extension

(Reuters) - Indian e-commerce firm MSTC Ltd’s initial public offering to raise as much as 2.26 billon rupees ($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 25.8 million shares of the state-owned firm, compared to 17.7 million shares on offer, stock exchange data as of 1130 GMT 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 120-128 rupees per share on Monday from 121-128 rupees.

MSTC’s share sale comes at a time when Indian investors are taking a cautious stance ahead of national 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.

India’s federal government, which owns an 89.85 percent stake in MSTC, aims to sell up to 25 percent of its share in the company.

Reporting by Krishna V Kurup in Bengaluru; Editing by Shreejay Sinha

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