Public sector undertaking Manganese Ore India Limited (MOIL), is offering initial public offer of 33,600,000 equity shares of Rs10 each for sale. The IPO price band of MOIL has been fixed at Rs 340-375, therefore it will raise around raise Rs 1,238 crore from the market. Retail investors and employees of Manganese Ore India Limited will get 5% discount. This IPO will dilute the government holding to 80 percent, in other words government is offering 20 percent in the initial public offering out of which 10 percent belong to center government, 5 percent belong to Madhya Pradesh government and remaining 5 percent belongs to Maharashtra government.
MOIL is India’s largest producer of manganese ore by volume, It is the biggest iron ore company in India and fifth largest in world. After the success of coal India IPO, this one too is excepted to perform well. Another thing is that in this IPO retail investor can apply in IPO up to Rs 200000 as opposed to Rs 100000. The IPO will open for subscription on 26 November and Offer ends November 30 qualified institutional buyers and 1 December for retail investors and non-institutional buyers. Listing of MOIL IPO on secondary market will happen on or after 6 December.