MOIL lists at an over 50 per cent premium; settles with 24 per cent gain
15 Dec 2010
Manganese Ore India Ltd (MOIL), which listed at 50.66 per cent premium today, pared gains towards the close of trading but still settled with 23.79 per cent gains in a market that lost 151 points (BSE Sensex).
The MOIL stock closed at Rs464.20, up Rs89.20 or 23.79 per cent against the issue price of Rs375.
Against this, Coal India had listed at a 40 per cent premium.
The share, which opened at Rs565 (a premium of Rs190 or 50.66 per cent) hit a high of Rs590 and a low of Rs456.65 before closing at Rs464.20. A total of 65,132,460 shares changed hands on the NSE.
However, a majority of the investors in the MOIL have received only a fraction of what they had applied for thanks to huge oversubscription.
Retail investors are reported to have received an average 17 shares each against the maximum of 527 shares nearly 30 per cent of them have applied for. The MOIL offering received nearly 1.3 million retail applications.
