Mundra Port IPO subscribed over 7 times

MUMBAI: The initial public offer (IPO) of Adani group-promoted Mundra Port and Special Economic Zone Ltd (MPSEZL) on Monday got subscribed over seven times on the third day of the issue.

The issue received bids for 30.01 crore 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 Rs 400 to Rs 440. The offer would close on November 7.

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 Rs 1,700 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.

Meanwhile, the IPO of the other firm Empee Distilleries Limited got fully subscribed on the third day of its issue.

The price band of the issue has been fixed at Rs 350 to Rs 400. The offer would close on November 6. Through this IPO, the company proposes to raise between Rs 162 crore and Rs 190 crore.