MOIL IPO- Application Allotment details are OUT

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Allotment is for ONLY 17 shares at 5% discount to issue price of Rs 375  at RS 356.25/ share

=> Rs 6, 056.25 deducted from ASBA

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MOIL India — IPO: Invest at cut-off: Business Line

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Investors could consider applying to the IPO of Indian manganese producer MOIL India, which appears attractively priced given its quality ore reserves, low operating costs and booming domestic market. At the higher end of the offer price band with the retail discount factored in (Rs 356.25), the company would trade at an EV/EBIDTA ratio of 4.6 times and 10.5 times its trailing 12-month earnings. The enterprise valuation is at a discount to global peers such as Eramet and Eurasia Natural Resources.

MOIL – Offer for sale -Subscribe: Angel Broking

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MOIL – Offer for sale

Angel Broking recommends a Subscribe on MOIL

MOIL, a Miniratna PSU, accounts for nearly 50% of India’s manganese ore

production. We recommend Subscribe and Initiate Coverage on the stock with a

Target Price of `461, valuing it at 5x FY2012E EV/EBITDA, as MOIL sells high-tomedium

grade manganese ore at market-linked prices, expanding its production

capacity at existing mines and is attractively valued as compared to peers.

Is MOIL better placed than CIL and NMDC: Our analysis of the three companies

on eight different factors, classified under the parameters of industry, business

and valuation, clearly indicates that MOIL is better placed to NMDC due to its

attractive valuations. However, when compared to CIL, MOIL stands lower as its

fortunes are closely linked to steel industry (cyclical) and its earnings are subject to

high risk, if the proposed 26% mining tax is implemented, although debatable.

Subscribe to Manganese Ore India Ltd (MOIL) IPO: IIFL

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MOIL has over four decades of experience in manganese ore
mining operations. It enjoys a near monopoly with a dominant
50% share in the domestic manganese production and is also
one of the lowest cost producers of manganese ore in the
world. MOIL was conferred with ‘Mini Ratna’ status by
Government of India in FY08. A debt-free company, it has a
healthy balance sheet with strong cash flows. As on H1 FY11,
its cash balance stood at Rs17.6bn, which translates into
Rs105 per share. It has witnessed revenue and PAT CAGR of
31% and 42% respectively, over the last four years. Presently,
it is enjoying OPM of 70.3% and PAT margin of 52.1%. We
recommend investors to ‘SUBSCRIBE’ the issue.

MOIL - IPO Note (Keynote Capitals)

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note of the IPO of MOIL Ltd.

Issue Highlights

Price Band                                                          : Rs340-375 per share

Minimum Bid Lot Size                         : 17 Equity Share                         

IPO open during                                               : Nov. 26 - Dec. 1, 2010 (for QIBs issue closes on Nov. 30, 2010)

Book Running Lead Manager                      : Edelweiss Capital, IDBI Capital, JP Morgan India

To list on                                                             : NSE & BSE

IPO Grading                                                       : 5 / 5 (CARE)

PE                                                                           : 12.3x (based on base price)*

                                                                                : 13.5x (based on cap price)*

Market Cap post-listing                                : Rs6300Cr or $1381mn (based on the cap price)

Market Cap of Free Float                             : Rs1260Cr or $276mn (based on the cap price)

* Based on FY10 EPS

MOIL IPO; Attractive valuation; 'SUBSCRIBE' : Emkay

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MOIL LTD.

Attractive valuation; ‘SUBSCRIBE’

SUBSCRIBE

n     MOIL is the largest manganese ore producer in India, contributing 50% of the total domestic production. Globally it ranks fifth among all the manganese producers

n     The company is among the lowest cost manganese ore producers with an EBITDA margin of ~70% during H1FY11. It has ~22 mt of good quality manganese ore reserves

n     MOIL is a debt free company with net cash of Rs 105 per share during H1FY11. The company has a planned capex of Rs 7680 million to ramp up its capacity to 1.5 mtpa by FY16

n     At the upper band of Rs 375, the stock looks attractively valued with potential upside of 40% on 6x FY12E EV/ EBITDA basis - Recommend SUBSCRIBE

Issue Details
Date	26-Nov — 01-Dec
Price Band (Rs)		340- 375
Offer size (Rs)		12,380 mn
Offer size (shares)		33.6 mn
Post issue (shares)		168.0 mn
M.Cap (Rs)		61,900 mn

IPO Details -MOIL (Manganese Ore India Limited):: JM Financial

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IPO Details
The Offer MOIL Limited


Sector Mining & Mineral Products

Transaction: Book Building
Issue: Size 33,600,000 equity shares of Rs 10 each
20% of the post offer paid-up capital

IPO Dates Nov 26th 2010 – Nov 30th 2010 (for QIB)
Nov 26th 2010 – Dec 1st 2010 (for Retail / HNI)

Price Band: Rs 340 to Rs 375
5% discount to retail investors as well as to employee quota

Exchanges BSE; NSE

Book Running Lead Managers: Edelweiss Capital Limited; IDBI Capital Market Services Limited; J.P. Morgan India Private Limited

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