Manganese Ore to launch IPO by end-2010

India's state-run Manganese Ore will launch an initial public offering by the end of this year, three sources with knowledge of the situation said on Tuesday.                                            
 

The company, a leading producer of manganese ore, has hired JP Morgan, Edelweiss and IDBI Capital to manage the share sale, said the sources, who refused to be named as the decision had not been made public yet.                                            
 

Officals at Manganese Ore and the selected banks were not immediately available for comment.                                           
 

Manganese Ore will sell 33.6 million shares through the offering, comprising a 10% stake sale by the Indian government and 5% each by the state governments of Maharashtra and Madhya Pradesh.