National Mineral Development Corporation (NMDC), a company owned predominantly by the Government of India, undertakes a further public offering (FPO). The key issue in the FPO is the pricing of a share which is infrequently traded. As compared to earlier issues in the recent past, the conflict between the Government's desire to raise resources through divestment and the markets reluctance to price the share to the satisfaction of the Government leads to changes in the price discovery mechanism. The stepping in of state financial and insurance companies raises questions about the entire divestment exercise. The case essentially examines the pricing and marketing of an FPO of a public enterprise with minimal public holding.