MOIL IPO receives unprecedented demand with subscription of 27.62 times

The Initial Public Offering (IPO) of MOIL Limited has received unprecedented demand from investors with the issue receiving subscription of 27.62 times till 4:00 PM on November 30, 2010.

The Public Offering of 33,600,000 Equity Shares of Face Value of Rs 10 Each for cash at a price band of Rs 340 to Rs 375 through 100% book building process opened for subscription on November 26, 2010.

The issue closes today for subscription by QIBs and closes on December 1, 2010 for other investors. The Rating Agency CARE has assigned IPO Grading of IPO Grade 5 for the issue.

The issue has received total bids for 927953670 equity shares against the offer of 33600000 equity shares. The issue has received bids for 63957604 equity shares at cut-off price. The retail portion of the issue has already received subscription of more than 7 times. The retail investors and employees will be given 5% discount from the final price.

Source : Equity Bulls

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