November 29, 2010

MOIL IPO Heavily Oversubscribed - Dec 2 Update

MOIL, India’s top Manganese producer is about to go IPO.

MOIL IPO is heavily oversubscribed at the National Stock Exchange India. The following shows the current demand on the NSE-BSE as of Dec 2 evening.

           
Total Issue Size
33600000
Total Bids Received
1896149230
Total Bids Received at Cut-off Price
323370600
No. of times issue is subscribed
56.43

Source NSE


CARE Ratings rates MOIL a Grade 5 IPO, a company with strong fundamentals. MOIL is expected to be one of India’s best IPO’s; the stock is expected to perform as well as Coal India’s.

Edelweiss Capital, IDBI Capital Market Services and JP Morgan India are the lead underwriters.