Adani Group-promoted Mundra Port and Special Economic Zone Ltd (MPSEZL) after listing on bourses on Tuesday touched a high of 118.57 per cent to close at Rs 961.70 on the Bombay Stock Exchange (BSE). Dalal Street seems to have a huge appetite for infrastructure IPOs at least that is what the stellar listing of Mundra Ports and SEZs has shown.
The volatility in the markets or controversy surrounding SEZs has failed to dampen Mundra''s magic with investors lapping up the offering at a 75 per cent premium making it a $10 billion giant on day one. It is now the largest offering after DLF followed by power grid at $8 billion while the issue was subscribed over 100 times, there are still questions on why the stock will not trade in F&O. SEBI stayed the Mundra IPO based on complaints by DP World of Dubai on transparency. This was overruled by the securities appelate tribunal and now despite the F&O exclusion both global and local investors have lapped up the opportunity for putting money in the only listed SEZ company in India.
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