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PSU IPO MOIL opens on November 26
TheMOIL from the Government of India stable is opening for public subscription on November 26, 2010 and closes on December 1, 2919. After the huge success of IPO of Coal India and FPO of Power Grid. MOIL is to be followed by Shipping Corporation of India Ltd FPO which is opening on November 30 2010 and closes on December 3, 2010. Retail investors had never had it so good. The two issues in quick succession though overlapping is expected to generate huge interest from the investors including FIIs as from MOIL this is the first time that the company entering the Capital market with its initial public Offering. According to the lead managers to the issue both the companies will generate sufficient interest from the investors, as there is an insatiable appetite among the investing community for the new issues in the primary market, especially from the Government stable.
MOIL is coming out with its maiden 3.3-crore shares to the public and opens on November 26 and will close for institutional bidders on November 30 and for other investors on December 1. As for SCI's 8.4-crore fresh or follow on public offering, it will open on November 30 and close December 3, 2010 for the retail and HNI categories.
The retail investors can now apply for shares upto Rs 2 lakhs, following gazette notification from SEBI. Another attraction is the 5 percent discount to the retail investors. These issues are to be seen as new year gift from the PSU if the listing of earlier issues is any pointer n Foreign Institutional Investors (FIIs) and domestic institutional investors usually subscribe heavily for new IPOs from the government sector.
The other PSU scrips to follow the above two isHindustan Copper which opens on December 6. And ONGC, IOC and SAIL will hit the market with their FPOs before March 31, 2010 in the current financial year.