MOIL IPO oversubscribed 1.1 times by noon on Day 2 | business | Hindustan Times
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MOIL IPO oversubscribed 1.1 times by noon on Day 2

business Updated: Nov 29, 2010 17:47 IST

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 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.

The IPO will have the Centre divest 10 per cent of its stake in the company while the state governments of Madhya Pradesh and Maharashtra will both offload 5 per cent of their participating interest.

Edelweiss Capital, IDBI Capital Market Services and JP Morgan India Private Ltd are the book running lead managers to the issue.