Mumbai: Adani group-promoted Mundra Port and Special Economic Zone Ltd (MPSEZL) got listed at Rs770 on the Bombay Stock Exchange at a 75% premium over its issue price of Rs440.
Within minutes of listing, the scrip touched a high of Rs1,150 and over 14.15 lakh shares changed hands on the BSE.
Over 24.85 lakh shares got traded on the National Stock Exchange.
Later, the scrip parted with some initial gains and was trading at Rs 940 on the bourses at 9.58 hours.
The initial public offer of the company received robust response from investors and the issue was subscribed over 115 times.
The company had come up with an issue size of 4.02 crore shares and the issue price was fixed at Rs440.
MPSEZL is the first company from the SEZ and port sector to hit the capital market. The proceeds of the issue would be utilized for further development of Mundra port and SEZ.
The company would partly use the issue proceeds to fund the construction and development of basic infrastructure and allied facilities in the proposed SEZ as well as the south basin terminal for coal and other cargo at Mundra Port.
The IPO proceeds would also be utilized in part-funding Adani Petronet (Dahej) Port Pvt Ltd, Adani Logistic Ltd and investments in Inland Container Pvt Ltd.
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.