Equity shares of MOIL (formerly Manganese Ore India) will be listed on December 15, 2010, The 3.36 crore equity shares’ initial public offering (IPO) received tremendous response from all investors’ categories and was subscribed 56.43 times. The price band for the issue was fixed at Rs 340-375.

Reserved portion of QIBs was subscribed 49.16 times. Non-institutional and retail investors’ portion subscribed 143.30 times and 32.86 times, respectively. Employees’ portion was undersubscribed.

MOIL is India’s largest manganese ore producer and has 50% share in domestic manganese production. It is one of the lowest cost producers of manganese ore in the world.

The company will not receive any proceeds from the offer and all proceeds shall go to the selling shareholders. Retail investors and MOIL employees will get shares at 5% discount to the final offer price.

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