Ten banks bid for Manganese Ore IPO

Ten banks have bid for managing the Manganese Ore IPO, sources close to the development said. Banks include SBI Caps, IDBI Capital, Avendus Capital, Deutsche Bank, Goldman Sachs, Kotak Mahindra Capital, JPMorgan, Enam Securities, UBS, Edelweiss Capital.

These banks will give presentations to the government on the 28th and 29th of July. Three banks are expected to be given the mandate for running the Manganese Ore IPO.

The government is expected to raise Rs 1000-1200 crore via the initial public offering. The government, which owns 81.57% of the miner, plans to sell 10% of its holding in the company, while two provincial governments plan to sell 5% each.