Mundra Port and SEZ lists at 75% premium

Adani group-promoted Mundra Port and Special Economic Zone (SEZ) got listed at Rs 770, up 75% from offer price of Rs 440 a share. Within minutes of getting listed, the scrip soared to Rs 1,050. Over 48 lakh shares of Mundra Port and SEZ changed hands at the NSE.

At 1010 hrs, the scrip was trading at Rs 955.

The company had come out with an initial public offer, priced in a band of Rs 400 to Rs 440 a share. Overall the issue got subscribed 115 times with tremendous response from institutional buyers.

The funds will help Mundra set up cargo and coal terminals and develop a trade zone. The Indian unit of Merrill Lynch & Co, Enam Securities, JM Financial Consultants, SBI Capital Markets and SSKI Corporate Finance arranged the share sale.