Mumbai: Manganese Ore India Ltd. (MOIL) shares rose by 50.7% to Rs565 a share in their trading debut on the National Stock Exchange, after its initial public offering (IPO) raised $276 million. The stock rose to a high of Rs590 after the listing.
The IPO, through which the government sold a 10% stake and the governments of Maharashtra and Madhya Pradesh sold 5% each, was subscribed over 55 times.
MOIL produces more than half the manganese ore used in India. It operates 10 mines in the central Indian region covering Maharashtra and Madhya Pradesh.