Incorporated in 1964, Kolkata based MSTC Limited is a public sector unit (PSU) involved in the trading of bulk raw material and e-commerce service provider to government and government-controlled entities.
The company was previously a canalizing agency (an enterprise created specifically to import and/or export of ferrous scrap) until 1992. After de-canalisation it has established itself as an e-commerce service provider and a major player in trading of bulk raw material.
In FY 2017, the company entered into the recycling business through a 50:50 joint venture with Mahindra Intertrade Ltd (a subsidiary of Mahindra Vehicle Manufacturers Ltd) by forming a new company Mahindra MSTC Recycling Pvt Ltd (MMRPL). This new firm is in the business of auto shredding, processing of end of life vehicles (ELVs), other white goods and products for the production of iron and non-iron shredded scrap
The 3 main business verticals in the company are:
(i) E-commerce,
(ii) Trading of bulk raw material
(iii) Recycling through MMRPL.
Since 2002, the company is offering e-auction platforms to many Government and Government controlled entities. As on December 31, 2018, MSTC has conducted over 1,90,000 auctions, serving over 1,10,000 users. It has conducted 28,600 auctions/events during 2018 and 30,500 auctions/event for nine months period ended December 31, 2018.
MSTC was the company behind developing E-RaKAM portal, a digital initiative bringing together the farmers, FPOs, PSU, civil supplies and buyers on a single platform for selling and buying of agricultural products.
MSTC has a country-wide footprint with 4 regional offices located in Delhi, Mumbai, Kolkata and Chennai, 13 branch offices in major cities of India and 3 site offices.
For Fiscals 2018, 2017 and 2016, the total revenue of the company was Rs 27,931.50 million, Rs 18,762.00 million, and Rs 33,078.00 million respectively.
The revenues from trading vertical are Rs 22,627.50 million, Rs 13,854.10 million and Rs 28,114.70 million for Fiscal 2018, 2017 and 2016 respectively.
The revenues from e-commerce vertical are Rs 1,900.60 million, Rs 1,618.80 million and Rs 1,277.50 million for Fiscal 2018, 2017 and 2016 respectively.
The EBITDA for Fiscals 2018, 2017 and 2016 was Rs 1,131.99 million, Rs 2,626.40 million and (Rs 853.50) million respectively.
Competitive strengths of the company:
1. One of the leading PSU providing e-commerce services.
2. Diversified customer portfolio
3. The active client base of government and government-controlled entities.
4. Preferred service provider for conducting e-auctions for government bodies
| Purpose | Amount (₹ Cr) |
|---|---|
| — |
| Metric | 30-Sep-18 | 31-Mar-18 | 31-Mar-17 |
|---|---|---|---|
| Total Assets | 4,257 | 4,738 | 4,600 |
| Revenue | 1,492 | 2,793 | 1,876 |
| PAT | 16 | 6 | 139 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 13,200,000 (75%) | — |
| NII / HNI | — | 2,640,000 (15%) | — |
| Retail (RII) | — | 1,760,000 (10%) | — |
| Employee | — | 70,400 (0%) | — |
| Total | — | 17,670,400 (100%) | — |
* Amount calculated at upper price band (₹128) · ** Total includes all investor categories
- 1 Initiation of Refund 26 Mar 2019
- 2 Credit of Shares to Demat 28 Mar 2019
- Retail allocation is weak at 10% of the total offering.
- HNI/NII demand is good at 15%.
- Institutional (QIB) interest is strong at 75%.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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