Subscribe MOIL IPO on November 26 with Price Band at Rs 340-375

Online, November 24, 2010 (Newswire.com) - The MOIL IPO price band fixed at Rs 340-375. The IPO is open for subscription on November 26. The company plans to raise Rs 1,238 crore rupees from market. Twenty percent of the shares will be exempt from MOIL. In this connection, the center will offload 10% stake and government of Madhya Pradesh to offload the 5% and the government of Maharashtra to offload the 5%. Retail investors and employees receive a discount of 5%. This issue is not as huge as Coal India, but is important because MOIL is a zero debt company. It has plans to diversify into wind energy as well. It is the only company of its kind in the manganese mines in India.

Following the successful initial public offering of Coal India (IPO), manganese ore India Ltd. (MOIL) is the next state company to hit the capital market. Largest producer of flotation of manganese ore will open on 26 November. "The range of prices and the minimum bid lot will be decided by the company in consultation with stakeholders and lead managers. Private investors receive a 5% discount on the issue price," said KJ Singh, President and CEO of MOIL.

MOIL share sale is part of a government plan to sell shares of public sector units like Coal India, IOC and SAIL.

This offer will expire on November 30 for qualified institutional buyers and 1 December for retailers and non-institutional buyers.

IDBI Capital, Edelweiss Capital and JP Morgan are in charge of the MOIL IPO.

MOIL IPO offers of 3.4 crore shares, the company plans to dilute 20% in stocks, whose share of the Centre will be 10% of total capital, while Madhya Pradesh and Maharashtra to sell the participation of Governments 5 % each in the company.

To subscribe this offer open a demat account, just visit www.demat9.in.