Public sector undertaking Manganese Ore India Limited (MOIL), which is offering initial public offer of 33,600,000 equity shares of Rs10 each for sale on November 26 will announce the price band on November 23.
The price band and the minimum bid lot will be decided on November 23 by the company, which would be advertised two working days prior to the opening date, MOIL CMD K J Singh told reporters here today.
He said the offer comprises a net offer to the public of 32,928,000 equity shares and reservation of 6,72,000 equity shares for subscription by eligible employees.
The offer will close on November 30 for qualified institutional buyers and on December 1 for retail and non-institutional bidders.
Disinvestment Secretary of the Government of India Sumit Bose said MOIL will be the fifth company during the current fiscal to offer IPO and 50th company to be listed in the stock market.
This year the government has so far raised Rs 21,000 crores from four earlier IPOs, including Rs 15,000 crores from Coal India.
There are 276 public sector undertakings but all are not worth disinvestments. Therefore, only those companies cleared by the Union Cabinet will go for disinvestments.
Shipping Corporation, Steel Authority and ONGC are other companies to complete formalities for IPOs before the end of the current financial year, Bose added.
MOIL IPO Rating, Grading
The assigned grading reflects MOIL’s dominant position in the Indian manganese ore industry with over four decades of experience in manganese mining and its significant reserves of measured mineral resources of manganese ore
CARE assigns ‘CARE IPO GRADE 5’ grading to the IPO of MOIL Limited. The assigned grading reflects MOIL’s dominant position in the Indian manganese ore industry with over four decades of experience in manganese mining and its significant reserves of measured mineral resources of manganese ore. MOIL is currently a market leader in domestic manganese ore market commanding around 50% of the domestic market share.
MOIL’s strong parentage, with a ‘mini-ratna’ public sector company status which provides it with functional autonomy, the company’s healthy operational performance backed by high profit margins, a strong financial position with cash balances of about Rs. 1,500 crore, and a zero debt status are factors which add further strength to the grading. The company’s current operational and financial position provides MOIL with flexibility to fund its on-going and planned expansion projects.
MOIL IPO Allotment Status
Edelweiss Capital Limited, IDBI Capital Market Services Limited & J.P. Morgan India Private Limited are Lead Managers for the company. Karvy is the registrar for the IPO.
MOIL IPO Retail Investor Discount
Public sector enterprise MOIL Ltd, formerly Manganese Ore (India) Ltd, has decided to launch its initial public offering (IPO) on November 26 to raise approximately Rs 1,500 crore as part of the government’s disinvestment plans. The IPO is expected to close on December 1.
The pricing is yet to be finalized and it would be announced early next week.
The company is offering 5 per cent discounts to its 6,500 employees and to retail investors. Retail investors can invest up to Rs 2 lakh in this IPO as per the Securities and Exchange Board of India’s revised guidelines.
MOIL IPO Listing Date, Manganese Ore India Listing
Open Date 26-Nov-2010
Close Date 01-Dec-2010
Allotment Date 11 to 13-Dec-2010
Refund Date 14-Dec-2010
Listing Date 15-Dec-2010 (Expected)
Updated on 28 Nov 2010
MOIL IPO Price Band
The government on Tuesday fixed a price band of Rs 340-375 a share for raising up to Rs 1,238 crore through initial sale of shares in Manganese Ore India Ltd , which will become the fifth state-run company to see divestment this fiscal.