Mundra issue sold 5 times on first day

BIG BANG IN THE PRIMARY MARKET

Mundra Port & Special Economic Zone's (MPSEZL) initial public offer (IPO) was subscribed by 4.67 times on the first day of the issue.

The shares were fully subscribed during the first half-an-hour of the opening itself, according to the National Stock Exchange data.

At the time of going to the press, the IPO, the first by a port and SEZ company in India, received 18.80 crore bids. The company plans to raise Rs 1,500 crore through the initial sale of 40.25 million equity shares at Rs 400-440 price band.

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 link between Mundra port and Adipur.

The proceeds of the issue would be utilised for the further development of Mundra port and SEZ.

DSP Merill Lynch, Enam Securities, JM Financial Consultants, SBI Capital Markets and SSKI Corporate Finance are the bankers for the issue.

The Adani Group, the founder of Mundra Port, has interests in commodities trading, coal mining, power generation, real estate development and agriculture processing. The issue closes on November 7.