MOIL IPO subscription reaches 33.35 times its issue size

NEW DELHI: The public offer of MOIL was subscribed 33.35 times till noon on the last day of issue today, as reasonable pricing of the issue attracted investors.

By 1200 hours today, the country's largest manganese ore producer witnessed heavy participation from all classes of investors and received bids worth 112 crore shares as compared to 3.36 crore equities on offer, according to the data on the National Stock Exchange.

The subscription period for Qualified Institutional Investors that ended yesterday, saw the company offer being subscribed 49.16 times.

In the retail investors category and non-institutional investors category, for which the issue closes today, were subscribed 10.86 and 8.77 times, respectively.

"Reasonable pricing of the public offer of MOIL has converted into spectacular demand from the investors," SMC Global Securities Equity head Jagannadham Thunuguntla said.

The government has fixed the price band of Rs 340-375 a share for the public offer. The Centre will divest 10 per cent stake in the company through this IPO, while the state governments of Madhya Pradesh and Maharashtra will offload five per cent each.

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.

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