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MOIL IPO oversubscribed by 2.37 times

This article was posted on Nov 29, 2010 and is filed under IPO Views

The initial public offer (IPO) of state-run manganese producer MOIL was over-subscribed 2.37 times by the end of Day 2 of the issue on Monday, generating total demand for bids worth Rs. 2,979 crore.

The initial public offer (IPO) of the manganese ore giant has so far attracted bids worth 7.94 crore shares, although only 3.36 crore equities are on offer, as per National Stock Exchange data.

As per the terms and conditions of the offer, around 49 per cent of the shares are reserved for QIBs and slightly more than 34 per cent for retail investors.

The issue will close on November 30 for qualified institutional buyers (QIBs) and on December 1 for retail and non-institutional bidders.

The government has fixed a share price band of Rs 340-375 a piece. The IPO will have the Centre divest 10 per cent of its stake in the company while the state governments of Madhya Pradesh and Maharashtra will both offload 5 per…Edelweiss Capital, IDBI Capital Market Services and JP Morgan India Private Ltd are the book running lead managers to the issue.

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