Mundra Port plans IPO

Mundra Port and Special Economic Zone, an Adani group-promoted company, will hit the capital market with an initial public offer (IPO). Mundra Port has already filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to issue over 4 crore equity shares.

The public issue is aimed at constructing and developing basic infrastructure for the proposed SEZ in Mundra, Gujarat. The proceeds will also be used for setting up cargo terminals at the port besides other logistics infrastructure.

The issue, based on 100 per cent book-building process, will constitute 10.01 per cent of the fully diluted post-issue paid-up capital of the company.

The global coordinators and book-running lead mangers for the issue are DSP Merrill Lynch, JM Morgan Stanley and SSKI Corporate Finance, while senior book-running lead manager is Enam Securities. The other book-running manager of the issue is SBI Capital.

The company has developed and is operating Mundra Port, one of the leading non-captive private sector ports in the country. Adani had got an exclusive right to develop and operate the port from the Gujarat Maritime Board (GMB), a state government authority for minor ports.

Mundra Port has received approval as a developer of a multi-product SEZ in Mundra and the surrounding areas from the government, making Mundra one of the first port-based multi-product SEZ in the country.

Of the total issue, 150,000 equity shares are reserved for the employees of the company.

Mundra also has a container terminal "� Mundra International Container Terminal "� operated by Dubai Ports World.