The initial public offer (IPO) of Oil India Ltd (OIL), the second-largest state-run oil and gas company, was subscribed 1.27 times on the first day of its opening for subscription today. It is the third-largest IPO this year after NHPC and Adani Power Ltd, which raised around Rs 6,000 crore and Rs 3,000 crore, respectively.

The price band of OIL IPO has been set at Rs 950-1,050. The company will raise around Rs 2,777 crore at the upper end of the band and Rs 2,512 crore at the lower end. The company received over 33.70 million bids for over 26.44 million shares on offer. Bids for over 212,000 shares were received at the cut-off price.

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The IPO has been assigned a grade of 4 out of 5 by rating agency CRISIL, indicating sound fundamentals.

The last date for subscription is September 10 and the share are likely to be listed on stock exchanges in the last week of this month.

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