Shares of Mundra Port and Special Economic one more than doubled, raising about US$4.4 billion on the company's trading debut on the Bombay Stock Exchange (BSE), reports Bloomberg.
Top share holder Gautam Adani, an Indian property magnate, had his Mundra Port & Special Economic Zone more than double its share price on its first trading day in Mumbai, increasing the value of his family's 81.3 per cent stake as investors took a rare opportunity to invest in India's port sector.
Ironically, the overall market fell 0.6 per cent reported The Hindu newspaper. "People clearly see opportunity in infrastructure. These listings attract a lot of attention," said Vijai Mantri, of Deutsche Asset Management (India).
Mundra Port, one of the few private deepwater harbours in India, is considered a successful model for the country's policy to rapidly upgrade infrastructure. Its stock was more than 100 times oversubscribed, reported London's Financial Times.
"We are keen to develop other ports around the country that we think are strategically important," Mundra Port executive director Amit Desai told the FT.
Mundra Port, which controls India's largest privately-owned harbour, closed at INR961 (US$24.29) after opening at INR1,100, or 2.5 times the initial public offering price of INR440.
Mundra has captured much of the container traffic heading to Delhi and other parts of northern India from Mumbai's Jawaharlal Nehru Port, the country's most popular but congested container gateway.
Mundra's IPO is the latest of a wave of such deals by ports groups in the last month, said the FT. Shares in DP World, the world's number four container terminal operator, started trading in Dubai November 26 while Hamburg's HHLA, main terminal operator in the Port of Hamburg, and Russia's Novorossiysk Commercial Sea Port, have also recently launched successful listings.
Top share holder Gautam Adani, an Indian property magnate, had his Mundra Port & Special Economic Zone more than double its share price on its first trading day in Mumbai, increasing the value of his family's 81.3 per cent stake as investors took a rare opportunity to invest in India's port sector.
Ironically, the overall market fell 0.6 per cent reported The Hindu newspaper. "People clearly see opportunity in infrastructure. These listings attract a lot of attention," said Vijai Mantri, of Deutsche Asset Management (India).
Mundra Port, one of the few private deepwater harbours in India, is considered a successful model for the country's policy to rapidly upgrade infrastructure. Its stock was more than 100 times oversubscribed, reported London's Financial Times.
"We are keen to develop other ports around the country that we think are strategically important," Mundra Port executive director Amit Desai told the FT.
Mundra Port, which controls India's largest privately-owned harbour, closed at INR961 (US$24.29) after opening at INR1,100, or 2.5 times the initial public offering price of INR440.
Mundra has captured much of the container traffic heading to Delhi and other parts of northern India from Mumbai's Jawaharlal Nehru Port, the country's most popular but congested container gateway.
Mundra's IPO is the latest of a wave of such deals by ports groups in the last month, said the FT. Shares in DP World, the world's number four container terminal operator, started trading in Dubai November 26 while Hamburg's HHLA, main terminal operator in the Port of Hamburg, and Russia's Novorossiysk Commercial Sea Port, have also recently launched successful listings.