InvestorQ : What was the response to the NMDC offer for sale conducted by the government of India?
Dilmini Mercia made post

What was the response to the NMDC offer for sale conducted by the government of India?

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Dawn Cherian answered.
5 months ago
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The Rs.3,621 crore OFS of NMDC got a tremendous response and was subscribed 1.15 times in the institutional segment. In fact, only institutional bids were opened on 06 July and the retail bids will open on 07 July. The received bids for 220.45 million shares against 219.5 million shares offered. Out of this planned issue, nearly 21.95 million shares are reserved for retail investors and these shares will be offered to retail on 07 July via retail OFS.

The floor price for the issue was set at Rs.165 and the market price of the stock is also gradually gravitating towards that price. Most institutions found the OFS attractive due to competitive pricing as well as leadership position and a virtual monopoly in mining of ores in India. The issue represents 4% of the base offer and 3.49% of the green-shoe option. Government has confirmed it will retain the full green-shoe portion also, selling 7.49%.

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