Manganese Ore India Limited (MOIL) is the next big PSU IPO offering that is going to hit the market after Coal India IPO and Power Grid FPO.
MOIL is offering initial public offer of 33,600,000 equity shares of Rs10 each for sale on November 26. The offer will close on November 30 for qualified institutional buyers and on December 1 for retail and non-institutional bidders.
The Price Band and Lot Size will be announced on November 23 2010.
IPO of Manganese Ore India Ltd (MOIL) provides an opportunity to invest in the India's largest manganese ore company with 'Miniratna' status. The company is committed to maintain its leadership position in the Indian manganese ore market by increasing its production capacity in line with growth in demand. It intends to add reserves and resources by undertaking exploration in and around its existing lease areas. It aims to become a vertically-integrated manganese ore producer by leveraging its midstream and downstream capabilities. In order to improve cost-efficiency through higher recovery rates and reduced production costs associated with labor, the company intends to pursue the mechanization process at its mines by investing further in new technologies. It has a strong balance sheet with zero debt and huge cash. We recommend subscribe to the issue with long term investment horizon.
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