Manganese Ore shares rise by 50.7% on debut

Manganese Ore shares rise by 50.7% on debut

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.

Close