OIL IPO to hit the market on 7th Sep 2009

Oil India IPO is ready to hit the capital markets on the 7th of September 2009. Oil India is the second state-run oil firm after the big ONGC offering. OIL IPO is likely to be priced around Rs 1,00o to 1,100 per share.

OIL is seeking to price its initial public offering (IPO), closer to the prevailing share price of Oil and Natural Gas Corp (ONGC).

According to sources, Oil India Ltd believes its earnings per share (EPS) and book value are better than ONGC and so it is looking at pricing the issue in the range Rs 1,000-1,100.

The price band will, however, be fixed by a Group of Ministers in the last week of August. OIL India IPO subscription will begin on September 7 and close on September 11.OIL IPO Listing date is fixed on September 29. The OIL management is currently holding an investor meeting in Hong Kong and Singapore.

Through OIL IPO, 2.64 crore-equity shares or 11 per cent will be offered to the public , while the Government will simultaneously sell 10 per cent of its stake in the company to state refiners.

More information, reviews, subscription details and the listing information of OIL- Oil India Ltd IPO will be posted here soon. Do check our site later for OIL India Limited IPO Analysis.