MOIL IPO oversubscribed 1.1 times

Monday, November 29, 2010   |    1 Comments
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New Delhi: The initial public offer (IPO) of state-run manganese producer MOIL was over-subscribed by 1.10 times by noon on the second day of issue. As per the data available on the National Stock Exchange's website, the company's IPO received bids for 3.69 crore shares against 3.36 crore equities on offer, thereby, getting 1.10 times subscription by 12 noon on the second day. At the upper end of the price range, MOIL's IPO is worth nearly Rs. 1,260 crore and at the lower end, it would fetch about Rs. 1,142 crore. The Centre will dilute 10 percent stake in the country's largest manganese manufacturer, while Madhya Pradesh and Maharashtra governments will shed 5 per cent each through the public offer. For the half year ended September 30, the company's turnover was at Rs 635 crore as compared to Rs 430 crore in the first half of previous fiscal. Profit after tax for the first half of this year stood at Rs 330 crore against Rs 201 crore in the year-ago period. The issue will close on November 30 for qualified institutional buyers (QIBs) and on December 1 for retail and non-institutional bidders.The government has fixed a share price band of Rs. 340-375 a piece. After MOIL, the follow-on public offer of state-owned Shipping Corporation is next in line. Its public offer would open on November 30 and close on December 3. This would be followed by disinvestment in Hindustan Copper, whose FPO opens in the first week of December.
Source: PTI
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