The initial public offering (IPO) of MOIL (formerly Manganese Ore India) has been fully subscribed on second day. The issue has received bids for 3.7 lakh equity shares as against issue size of 336 lakh shares, as per data available on NSE at 12 pm.
The issue has been subscribed 1.1 times so far. Till Friday, the reserved portion of qualified institutional investors was fully subscribed followed by non-institutional and retail investors with subscription of 0.88 times and 0.36 times, respectively.
MOIL aims to raise around Rs 1142.40-1260 crore at price band of Rs 340-375 a share. Retail investors and MOIL employees will get shares at 5% discount to final offer price. The issue will close for qualified institutional bidders on November 30 and for other investors on December 1.
Company will not receive any proceeds from the offer and all proceeds shall go to the selling shareholders.
MOIL is the India’s largest manganese ore producer and has 50% share in the domestic manganese production. It is one of the lowest cost producers of manganese ore in the world.
For the period of six months ended on September 30, 2010, MOIL reported net profit of Rs 330.72 crore on total income of Rs 692.49 crore.
Edelweiss Capital Limited, IDBI Capital Market Services Limited and JP Morgan India Private Limited are the book running lead managers to the issue.
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