The initial public offering (IPO) of Manganese Ore India (MOIL), the sixth state-owned divestment candidate this calendar, was subscribed 76% on the first day of bidding despite bearish market conditions. The 3.36-crore share issue has been priced in the Rs 340-375 band, and will help the company raise between Rs 1,142 and Rs 1,260 crore depending on the final price.
According to data on the National Stock Exchange website, the institutional portion of the book was fully subscribed
Edelweiss Capital, IDBI Capital Market Services and JP Morgan India Private are the book-running lead managers to the issue.
MOIL accounts for 50% of India’s total manganese ore production with an annual output of 1.1 million tonne. It’s a debt-free company with cash reserves of Rs 1,770 crore. For the half year ended September 30, the company’s turnover was at Rs 635 crore, compared to Rs 430 crore in the first half of previous fiscal. Profit after tax for the first half of this year stood at Rs 330 crore against Rs 201 crore in the yearago period.
By ET
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