<p>The initial public offer (IPO) of the manganese ore giant has so far attracted bids worth 7.94 crore shares, although only 3.36 crore equities are on offer, as per National Stock Exchange data.<br /><br />The offer was oversubscribed 2.8 times in the category reserved for retail investors and 2.14 times in the qualified institutional buyers' segment, as per the NSE data. In addition, shares earmarked for non-institutional investors were oversubscribed 2.4 times.<br /><br />As per the terms and conditions of the offer, around 49 per cent of the shares are reserved for QIBs and slightly more than 34 per cent for retail investors.<br /><br />According to analysts, the response to MOIL's offer is in line with market expectations. Investor confidence in public offers by state-run companies is on a high following the spectacular success of recent public offers by Power Grid and Coal India.<br /><br />MOIL's open offer will close tomorrow (November 30) for QIBs and on December 1 for retail and non-institutional bidders.<br /><br />The government has fixed the price band of shares under the offer at Rs 340-375 apiece. 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 5 per cent participating interest each.<br /><br />Edelweiss Capital, IDBI Capital Market Services and JP Morgan India Private Ltd are the book running lead managers to the issue.<br /><br />Meanwhile, in sharp contrast to MOIL's stake sale, the Rs 300 crore IPO of private drug-maker Claris Lifesciences continued to see subdued demand from investors and was subscribed just 0.42 times at the end of the fourth day of the issue today.<br /><br />Last week, the company lowered the price band of its initial public offer to Rs 228-235 per share from Rs 278-Rs 293 a piece, due to the poor response from investors. <br /><br />In addition, the closing date of the IPO was extended from November 26 to December 2.</p>
<p>The initial public offer (IPO) of the manganese ore giant has so far attracted bids worth 7.94 crore shares, although only 3.36 crore equities are on offer, as per National Stock Exchange data.<br /><br />The offer was oversubscribed 2.8 times in the category reserved for retail investors and 2.14 times in the qualified institutional buyers' segment, as per the NSE data. In addition, shares earmarked for non-institutional investors were oversubscribed 2.4 times.<br /><br />As per the terms and conditions of the offer, around 49 per cent of the shares are reserved for QIBs and slightly more than 34 per cent for retail investors.<br /><br />According to analysts, the response to MOIL's offer is in line with market expectations. Investor confidence in public offers by state-run companies is on a high following the spectacular success of recent public offers by Power Grid and Coal India.<br /><br />MOIL's open offer will close tomorrow (November 30) for QIBs and on December 1 for retail and non-institutional bidders.<br /><br />The government has fixed the price band of shares under the offer at Rs 340-375 apiece. 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 5 per cent participating interest each.<br /><br />Edelweiss Capital, IDBI Capital Market Services and JP Morgan India Private Ltd are the book running lead managers to the issue.<br /><br />Meanwhile, in sharp contrast to MOIL's stake sale, the Rs 300 crore IPO of private drug-maker Claris Lifesciences continued to see subdued demand from investors and was subscribed just 0.42 times at the end of the fourth day of the issue today.<br /><br />Last week, the company lowered the price band of its initial public offer to Rs 228-235 per share from Rs 278-Rs 293 a piece, due to the poor response from investors. <br /><br />In addition, the closing date of the IPO was extended from November 26 to December 2.</p>