MOIL's IPO subscribed 76% on the first day
For the largest producer of manganese in India, Manganese Ore India (MOIL), there is good news. The IPO of the state-owned company was subscribed 76 per cent on the first day of the bidding. This happened despite a bearish market.
The sixth one in the long list of disinvestment, that government is planning to do, the IPO has a price band of Rs 340-375 and via this the company is going to raise Rs 1,142 and Rs 1,260 crore. That however can be determined only when the price is finalized.
As per the data given by the National Stock Exchange, the portion that has been fully subscribed and there are going to be more bids for the upper band of the issue. It is the part that has been kept for the retail investors that needs to have more bids.
Edelweiss Capital, IDBI Capital Market Services and JP Morgan India Private have been finalized as the lead managers for the issue.
MOIL alone controls 50 per cent of manganese in India and produce 1.1 million tons. The cash reserves of the company are Rs 1,770 crore.