After getting good response to initial public offer, Mundra Port and Special Economic Zone, developer and operator of the Mundra Port, one of the leading non-captive private sector ports in India based on volume of cargo during fiscal 2007, will list on the bourses on Tuesday, November 27. The offer price has been fixed at Rs 440 per share.
Market ended with hefty gains today. Experts are gung ho about the Mundra story. They are expecting the stock to list at around Rs 1000-1200 and advised to hold for long term. IPO oversubscription figures also added to positive sentiment as it got over subscribed 160 times.
Mundra Port will list on the BSE and NSE cash markets. Sebi has denied permission to Mundra Port to trade in futures and options (F&O) segment, according to sources.
R S Iyer of K R Choksey Securities said, "Mundra Port is expected to list above Rs 1000. People, who have capacity to hold for better price, they should hold stock for long term. Otherwise, any price above Rs 1000, one can book profits."
According to Investment Advisor, S P Tulsian, "Mundra Port is likely to list at Rs 1,100 per share against issue price of Rs 440. Investors are advised to hold, as good investment buying would be seen in the counter."
"The stock will list in the band of Rs 1000-1200. One should do partial profit booking and remain invested in balance shares till the company gets approval to its SEZ near its port", said Manish Bhatt of Prabhudas Lilladher.
"MPSEZ is one of the first port-based multi-product SEZs in India. Also the company has a huge land bank for development following its mergers with ACL, MSEZ and APL which would lead to higher volumes of cargo in the port. The Stock will be listed with good premium. Investors may book partial profits and are advice to hold the remaining shares for the long term benefit", said Arihant Capital, Head of Research, Arpit Agrawal.
The company had entered capital market with an IPO of 40,250,000 equity shares of Rs 10 each for cash at a price band of Rs 400-440 per equity share.
The objects of the issue are to part financing of construction and development of basic infrastructure and the allied facilities in the proposed SEZ at Mundra; construction and development of a terminal for coal and other cargo at Mundra Port; contribution towards investment in Adani Petronet (Dahej) Port Private Limited; contribution towards investment in Adani Logistics Limited; contribution towards investment in Inland Conware Private Limited and general corporate purposes.
The global co-ordinators and book running lead managers to the issue are: DSP Merrill Lynch Limited, JM Financial Consultants Private Limited and SSKI Corporate Finance Limited. The book running lead mangers to the issue are Enam Securities Private Limited, Kotak Mahindra Capital Company Limited, ICICI Securities Limited and SBI Capital Markets Limited.
Source: Moneycontrol.com
Monday, November 26, 2007
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