MOIL's (formerly Manganese Ore India) initial public offering (IPO) has received overwhelming response from qualified institutional investors (QIBs). The issue, which closes tomorrow, has subscribed 28.33 times so far, as per National Stock Exchange.
Reserved portion of QIBs, which closed today, was subscribed 20.19 times till 2 pm. The issue has received bids for more than 95 crore equity shares as against an issue size of 3.36 crore shares.
MOIL is India’s largest manganese ore producer and has 50% share in domestic manganese production. It is one of the lowest cost producers of manganese ore in the world.
The company aims to raise around Rs 1142.40-1260 crore at a price band of Rs 340-375 a share. The company will not receive any proceeds from the offer and all proceeds shall go to the selling shareholders. Retail investors and MOIL employees will get shares at 5% discount to the final offer price.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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