VCCircle

India's largest exporters, the Gujarat based Adanis, are scripting a new story. They are coming up with India's first IPO in private sector port development. The group's latest venture Mundra Port and Special Economic Zone Ltd's public issue to raise up to Rs 1,771 crore ($450 million) is opening on November 1. The issue has been priced at Rs 400-440 a share, and it will see a dilution of 10.05 per cent or a sale of 40.25 million equity shares.
The funds raised would be mainly used for construction and development of basic infrastructure in the special economic zone, and construction and development of a coal terminal project, besides for investing in Adani Petronet (Dahej) Port Pvt Ltd, the unlisted Adani Logistics, and Inland Conware Pvt Ltd.
The global co-ordinators for the issue are DSP Merrill Lynch, JM Financial Consultants, SSKI Corp Finance Ltd. Lead managers to the issue are Enam Securities, Kotak Mahindra Capital, ICICI Securities and SBI Capital Markets Ltd.
Last week, in a pre-IPO deal, MPSEZ raised $120 million from the Government of Singapore Investment Corporation (GIC), T Rowe Price Asia, ICICI Bank and IDFC.