MOIL IPO subscribed 5.22 times till noon

In a staggering performance, the initial public offer of state-run MOIL received a more than five times subscription till noon on the third day of issue today.

The initial public offer (IPO) of the manganese ore major got subscribed 5.22 times till noon, attracting total bids of 17.5 crore equity shares, as compared to 3.36 crore shares on offer, a National Stock Exchange data said.

MOIL's open offer is closing today for the QIBs (qualified institutional buyers) and for retail and non-institutional bidders the issue will end on December 1.

The government has fixed the price band of shares under the offer at Rs 340-375 a piece. The Centre will divest 10 per cent of its stake in the company under the IPO, while the state governments of Madhya Pradesh and Maharashtra will offload five per cent participating interest each.

At the upper end of the price range, MOIL's IPO is worth nearly Rs 1,260 crore and at the lower end, it would fetch about Rs 1,142 crore.

Edelweiss Capital, IDBI Capital Market Services and JP Morgan India Private Ltd are the book running lead managers to the issue.