MOIL IPO subscribed 5.22 times on Day 3

In a staggering performance, the initial public offer (IPO) of state-run MOIL (earlier Manganese Ore India Ltd) received more than five times subscription till noon on the third day of issue on Tuesday.

The offer of the manganese ore major got subscribed 5.22 times till 12 pm, attracting total bids of 17.5 crore equity shares, compared to 3.36 crore shares on offer, data available with the National Stock Exchange said.

MOIL's open offer is closing on Tuesday for QIBs (qualified institutional buyers) and will end Wednesday for retail and non-institutional bidders.

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 offer 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 are the book running lead managers to the issue.