OIL may price IPO at Rs 1,000 to Rs 1,100


OIL is looking at pricing its initial public offering (IPO) at closer to the prevailing share price of Oil and Natural Gas Corp (ONGC), a source close to the development said. ONGC, the nation’s largest explorer, was trading at Rs 1,167 on the Bombay Stock Exchange at 1400 hrs on Monday.

OIL, the source said, believes its earnings per share (EPS) and book value are better than ONGC and so it is looking at pricing the issue in the range Rs 1,000-1,100.

The price band will, however, be fixed by a Group of Ministers in the last week of August. The IPO, the second after the highly successful offering by hydroelectric power generator NHPC, will open on September 7 and close on September 11. OIL will be listed on the bourses on September 29.

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