MOIL IPO Allotment Status (Update)

by Manshu on December 10, 2010

in IPO/NFO

Update: I apologize for the error in this post where I opine that almost everyone has been allotted 1 lot; I spoke to a few people yesterday, and drew my conclusion from those conversations.

However, as is evident from your comments many of you didn’t get any shares. I am sorry about the error, and realize that I should have waited to get information from more people before publishing.

The MOIL IPO Allotment has been done today, and I think that everyone has been allotted 1 lot of 17 shares regardless of the quantity they applied for.

I say this based on the amount of money debited from the bank account. If you have applied for the MOIL IPO then please check your bank account, and I think it is quite likely that you see  Rs. 6,056.25 debited from your bank account.

This means that you got 17 shares at the unit price of Rs. 356.25 (after 5% discount on Rs. 375).

Please leave a comment about the number of shares you applied for, and the money debited from your account, as that helps guess the ratio for future issues.

It is only apt that I highlight a comment made by Loney here earlier who accurately described what to expect in such cases where the over-subscription is reasonably high.

I think you should not have withdrawn the application. You should have applied for the minimum lot of 17 shares. Because, Karvy and NSE which will finalize the allotment has this particular habit of allotting shares even to people who bid for the minimum lot at the expense of people who apply for the maximum lot size within the limit. Therefore there was a probability that you were alloted 17 shares even if you subscribe for just one lot.

Thanks Loney!

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