'Subscribe' to Manganese Ore India IPO: IIFL
MOIL has over four decades of experience and enjoys a near monopoly with a dominant 50% share in the domestic manganese production.
By ET Bureau |
MUMBAI: IIFL has advised investors to ‘Subscribe’ to the initial public offering of Manganese Ore India. The company enters the primary markets Friday with issue of 33.6 million shares in the price-band of Rs 340-375 per share.
It plans to raise Rs 11424 – 12600 million via the IPO. The issue closes Wednesday.
“Manganese Ore India has over four decades of experience in manganese ore mining operations. It enjoys a near monopoly with a dominant 50% share in the domestic manganese production and is also one of the lowest cost producers of manganese ore in the world.
MOIL was conferred with ‘ Mini Ratna’ status by Government of India in FY08. A debt-free company, it has a healthy balance sheet with strong cash flows.
As on H1 FY11, its cash balance stood at Rs 17.6 billion, which translates into Rs 105 per share. It has witnessed revenue and PAT CAGR of 31% and 42% respectively, over the last four years.
Presently, it is enjoying OPM of 70.3% and PAT margin of 52.1%. We recommend investors to ‘SUBSCRIBE’ to the issue,” the report said.
It plans to raise Rs 11424 – 12600 million via the IPO. The issue closes Wednesday.
“Manganese Ore India has over four decades of experience in manganese ore mining operations. It enjoys a near monopoly with a dominant 50% share in the domestic manganese production and is also one of the lowest cost producers of manganese ore in the world.
MOIL was conferred with ‘ Mini Ratna’ status by Government of India in FY08. A debt-free company, it has a healthy balance sheet with strong cash flows.
As on H1 FY11, its cash balance stood at Rs 17.6 billion, which translates into Rs 105 per share. It has witnessed revenue and PAT CAGR of 31% and 42% respectively, over the last four years.
Presently, it is enjoying OPM of 70.3% and PAT margin of 52.1%. We recommend investors to ‘SUBSCRIBE’ to the issue,” the report said.
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