MUMBAI: The much awaited Initial Public Offering (IPO) of Manganese Ore India Limited (MOIL) has been listed on bourses today on December 15. The IPO, with a issue price of Rs 375, have listed at Rs 565 on BSE today.

Currently, the shares are trading at Rs 533. The scrip has hit a high of Rs 575 and a low of Rs 547. A total of 1,539,808 shares changed hands on the NSE.

MOIL IPO has received the overwhelming response from the investors, with retail portion subscribed more than 33 times. Experts were expecting MOIL to list at Rs 500-550 per share as retail investors got only the small portion of the quantity of shares they had bid for.

MOIL offered Rs. 1,238-crore shares through initial public offering (IPO), which was subscribed 55 times the offer. The portion reserved for high net worth individuals (HNIs) was bid 143 times, and the retail portion of the book was subscribed 33 times.

MOIL

The Sensex was down 14.78 points or 0.07% at 19784.41, and the Nifty was down 17.15 points or 0.29% at 5926.95. About 456 shares advanced, 330 shares declined, and 2674 shares remain unchanged on Wednesday.

MOIL is India’s largest manganese ore producer and has 50% share in domestic manganese production. MOIL is a debt-free company with a healthy balance sheet with strong cash flows. ). It is one of the lowest cost producers of manganese ore in the world.

The company currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three open cast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi.

MOIL is looking to acquire mining properties in South Africa, Congo and Turkey, as the demand for manganese by Indian steel producers is expected to rise in the near future.

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