India's MOIL achieves maximum IPO target

India's largest manganese ore producer raises $275 million for the ministry of finance and two state governments, which sold a combined 20% stake.

It may not have attracted the same number of headlines in the international press as Coal India’s record-breaking initial public offering in October, but MOIL Limited clearly sparked the interest of investors.

Despite a deal size below $300 million, India’s largest producer of manganese ore drew more than $15 billion of demand, which allowed it to fix the price at the top end of the offering range to raise the maximum Rs12.4 billion $275 million it sought. The tranches targeted at institutional investors, high-net worth individuals and retail investors were all heavily oversubscribed.

A source said the state-owned company, which was previously known as Manganese Ore India, benefitted from being one of the few...

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