MOIL IPO subscribed 2.37 times on Day 2

Investors’ insatiable appetite for public share sales by state-run companies saw MOIL’s initial public offer (IPO) getting subscribed 2.37 times by the end of Day 2, generating total demand for bids worth Rs 2,979 crore. The offer has so far attracted bids worth 79.4 million shares, although only 33.6 million units are on offer, according to the National Stock Exchange data. The offer was oversubscribed 2.8 times in the category reserved for retail investors and 2.14 times in the qualified institutional buyers’ segment. Shares earmarked for non-institutional investors were oversubscribed 2.4 times. According to the terms and conditions of the offer, around 49 per cent of the shares are reserved for QIBs and 34 per cent for retail investors. At the upper end of the price range, the offer is worth nearly Rs 1,260 crore.