Shares of state-run manganese producer MOIL settled at Rs 466.50 on BSE, a 24.4% premium over the initial public offer price of Rs 375.

The stock debuted at Rs 551, a 46.93% premium over the initial public offer (IPO) price. The stock hit a high of Rs 591.05 and a low of Rs 458.50. On BSE, 3.15 crore shares were traded in the counter.

MOIL's initial public offer (IPO) closed on 1 December 2010 with strong investor response. The Rs 1238-crore IPO was subscribed a massive 56.43 times and was priced at the top end of the Rs 340-375 per share price band. Retail investors and MOIL employees were issued shares at Rs 356.25 each, a 5% discount to the IPO price.

The non-institutional investors category, comprising high networth individuals and corporates, was subscribed a staggering 143.30 times. The qualified institutional buyers (QIB) category was subscribed 49.16 times and the retail investors category was subscribed 32.86 times.

The MOIL IPO was a part of the government's plan to raise Rs 40000 crore from stake-sale in state-run firms in the current fiscal that ends in March 2011 (FY 2011).

MOIL posted a net profit of Rs 331.46 crore on sales of Rs 635.05 crore for the six months ended September 2010.

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