March 15, 2019 / 2:50 PM / 6 days ago

Indian state-run e-commerce firm MSTC's IPO fully subscribed

March 15 (Reuters) - Indian state-run e-commerce firm MSTC Ltd’s listing was fully subscribed on the final day of its initial public offering, stock exchange data showed on Friday.

The IPO, expected to raise as much as 2.26 billon rupees ($32.8 million), was 1.12 times subscribed, with investors bidding for 19.9 million shares, data at around 0230 GMT showed.

The share sale in the e-auctioning, trading and recycling group comes as appetite for Indian equities picks up weeks before a national election, amid renewed hopes of a second term for Prime Minister Narendra Modi.

The government, which owns an 89.85 percent stake in MSTC, is aiming to sell up to 25 percent of its share.

MSTC had priced its IPO at between 121 rupees ($1.75) and 128 rupees per share.

$1 = 69.0050 Indian rupees Reporting by Krishna V Kurup in Bengaluru; Editing by Sai Sachin Ravikumar

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