Manganese Ore India Ltd. (MOIL) shares rose by 50.7% to 565 rupees a share in their trading debut on the National Stock Exchange, after its initial public offering raised $276 million. The stock rose to a high of 590 rupees after the listing.
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The IPO, through which the federal government sold a 10% stake and the governments of Maharashtra and Madhya Pradesh sold 5% each, was subscribed over 55 times.
MOIL produces more than half the manganese ore used in India. It operates 10 mines in the central Indian region covering Maharashtra and Madhya Pradesh.
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