MOIL IPO garners subscription of 0.76 times on Day 1

The Initial Public Offering (IPO) of MOIL Limited has received subscription of 0.76 times on day 1. The IPO received total bids for 25433819 equity shares against the offer of 33600000 equity shares. The issue received bids for 2007088 equity shares at cut-off price.

The company has come out with 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. The IPO opened for subscription today - November 26, 2010.

The Qualified Institutional Buyers (QIBs) portion of the issue received bids for 16987148 equity shares against the offer of 16464000 equity shares resulting in a subscription of 1.03 times.

The Non Institutional Investors portion of the issue received subscription of 0.88 times with bids for 4326500 equity shares against the offer of 4939200 equity shares.

The Retail Individual Investors (RIIs) portion of the issue has received bids for 4116754 equity shares against the offer of 11524800 equity shares resulting in a subscription of 0.36 times.

The Employee Reservation portion has received subscription of 0.01 times with bids for 3417 equity shares against the offer of 672000 equity shares.

The IPO closes for subscription by QIB bidders on November 30, 2010 and closes for subscription by other investors on December 1, 2010.

Source : Equity Bulls

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