(Reuters) – Shares of MSTC Ltd fell more than 13 percent 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.