After the success of NHPC IPO in the very first days ( by getting oversubscribed ), the next in line is Oil India IPO. OIL or Oil India Limited which is the country’s 2nd largest oil explorer will hit the capital markets in Sept 07,2009. Oil India IPO will open on Sept 7th 2009 and will close on Sept 11th.

OIL has already started its discussions with bankers and will decide the price band by Aug 25th 2009. It may remain somewhere around Rs 1000-1100 per share.  Oil India Limited produces close to 3.5 million tonnes of Oil every year will be offering about 2.64 crores equity shares in the IPO which is coming soon on Sept 07,2009. The govt is also planning to offload(divest) 10% of its share in OIL in the IPO process.

The proceeds of the IPO will be used to fund various capex needs of the company in the financial 2009-10 & 2010-11. It is planning to spend about Rs 2,300 crores and Rs 2,400 in these 2 financial years respectively. OIL had plans of IPO since last year when it was about to enter the capital market around Nov 2009. But the dismal condition of the stock markets had prevented it from doing so. I guess the public interest will slowly rise after the success of NHPC IPO and how it does on the very opening day. Stay tuned to get the latest information on OIL IPO here.

Update :- Check out the updated story on OIL IPO Offer Open date, offer closing date, expected OIL IPO listing date and price band here.

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