Mundra Port and Special Economic Zone Ltd(MPSEZL), an Adani group company, got an overwhelming response from the investor community on the day of its debut on the domestic equity bourses. The stock opened the day at a premium of 75% or Rs770 over its issue price of Rs 440 and touched an intra day high of Rs1,050 to finally close at Rs 959, gaining Rs 522.90 or 118%. Around 27.29 crore shares exchanged hands on the National Stock Exchange (NSE) generating a turnover of Rs 2,687.70 crore.
Post listing, the promoters, the Adani family, which have a stake of 81.3% saw their wealth soaring by around $4.3 billion.
Arpit Agarwal, head of research, Arihant Capital Markets, said, ?At the macro level, the real estate and other infrastructure developers have a huge opportunity as it is a sunrise industry. Because of its potential, even the foreign investors have an eagles eye on this sector. As far as MPSEZL stock is concerned, the first day of the listing is always euphoric and even at this level the stock looks attractive?.
The company entered the capital markets with an Initial Public Offer (IPO) of 1.5 crore share with a price band of Rs 400 to Rs 440. It got a robust response from the investors and the offer got subscribed by over 155 times.
The company primarily deals in providing bulk cargo services, container cargo, crude oil cargo and value-added port services. MPSEZL is the developer and operator of Mundra port located in the Kutch district of Gujarat and is currently developing a multi product SEZ.