Mumbai: The initial public offer (IPO) of Adani group-promoted Mundra Port and Special Economic Zone Ltd (MPSEZL) got susbcribed over two times within the first two hours of opening on 1 November.
The IPO has received bids for 10.52 crore equity shares against the 4.02 crore shares on offer, latest data available on the exchanges show.
The price band for the issue has been fixed between Rs400 to Rs440. The offer will close on 7 November.
MPSEZL is the first company from 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 is planning to raise about Rs1,700 crore to part-fund the construction and development of basic infrastructure and allied facilities in the proposed SEZ and construction and development of south basin terminal for coal and other cargo at Mundra Port, among others.
Proceeds of the IPO would also be utilised in part- funding Adani Petronet (Dahej) Port Private Ltd, Adani Logistic Ltd and investments in Inland Container Private 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.