Mundra Port IPO subscribed over 2 times

Mundra Port & Special Economic Zone (MPSEZL) the initial public offer of the company has been subscribed by 2.61 times at 1200 hours according to the National stock Exchange data.

The company plans to raise Rs 1,500 crore through the initial sale of 40.25 million equity shares at Rs 400-440.

Adani group-promoted MPSEZL, the developer and operator of Mundra Port, located in kutch district of Gujarat, is primarily engaged in providing bulk cargo services, container cargo, crude oil cargo and value-added port services,including railway services between Mundra Port and Adipur.

MPSEZL is the first company from SEZ and port sector to hit the capital market. The proceeds of the issue would be utilised for the further development of Mundra port and SEZ.

The issue which began today will close on Nov 7.