indian-port-operator-breaks-ipo-record

Indian port operator breaks IPO record

Mundra Port and SEZ is expected to price its $450 million IPO at the top end of the range after attracting subscriptions for $52 billion worth of shares.

By Anette Jönsson

November 09, 2007

In a further confirmation of how hot IndiaÆs infrastructure sector is, Mundra Port and Special Economic Zone attracted a record $52 billion worth of orders to its initial public offering. Power GridÆs popular IPO in September attracted $46.5 billion in orders for a much larger deal size of $715 million.

This left MundraÆs Rs17.71 billion $450 million IPO close to 116 times covered and removed some of the concerns that it would be difficult to do sizeable transactions without the participation of hedge funds. The investment activities of the latter group have been seriously curtailed after the Indian stockmarket regulator last month imposed restrictions on foreigners investing in the Indian stock market through the use...

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