Adani group-promoted Mundra Port and Special Economic Zone Ltd (MPSEZL) debuted on the Bombay Stock Exchange, Tuesday, Nov. 27, at a 75 percent premium over its issue price of Rs.440 and closed 118.57 percent above at Rs.961.70.

The share price touched an intraday high of Rs.1,150 and a low of Rs.770.

The company, which had entered capital market with an initial public offer (IPO) of 40.25 million shares, priced in a band of Rs400 to Rs.440 per share, got subscribed 115.84 times, raising Rs.1771 crore from the market.

MPSEZL is the first company from SEZ and port sector to hit the capital market.

The fund raised by MPSEZL from the initial public offer (IPO) will be utlilised to part finance the 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; contribution towards investment in Adani Logistics; contribution towards investment in Inland Conware; and general corporate purposes.

Tuesday's listing has helped Adani Group chairman Gautam Adani leapfrog to the top ten richest Indian in the world list. Adani's net worth was Rs.40,551 crore ($10.2 billion) with Mundra Port's holding adding Rs.25,386 crore to his market capitalisation-based wealth. His personal wealth was valued at only $6.7 billion when the Forbes list came out.

The Adani Group has interests in commodities trading, coal mining, power generation, real estate development and agriculture processing.