Indian Real Estate Forum - www.indianrealestateforum.com - View Single Post - Adani MPSEZ IPO-1st co. from SEZ hits capital market

rakesh · 27-11-07

Indian property magnate Gautam Adani may be about to add $4 billion to his personal fortune.

Adani's Mundra Port & Special Economic Zone Ltd. probably will more than double during its first trading day in Mumbai today, according to a survey of five investors who are monitoring the initial public offering. That would boost the value of his family's 81.3 percent stake to $7.8 billion.

Adani, 45, is among eight Indian developers whose wealth exceeded $1 billion for the first time this year, Forbes reported. A government plan to spend $500 billion on ports, roads and airports has lured investors to developers focusing on infrastructure.

Infrastructure Spending

Adani's Mundra Port, India's largest cargo terminal outside government control, attracted $52 billion of bids for the IPO, 116 times the stock for sale. Adani declined to be interviewed for this story.

The IPO raised 17.7 billion rupees ($446 million) this month with shares sold at 440 rupees. The shares may debut today at about 1,000 rupees apiece based on off-market trading by investors who missed out on the sale.

Mundra Port is about 70 kilometers (45 miles) from the airport at Bhuj in the western state of Gujarat. The port can cater to companies including Reliance Industries Ltd., which is constructing the world's biggest refinery in the state.

India's per capita income increased 40 percent in the past four years, helping real-estate developers as prices for homes in the southern part of Mumbai almost doubled in the past two years, according to data compiled by Bloomberg. Prices in New Delhi, Hyderabad, Bangalore and Chennai also climbed as more local and overseas companies expand operations.

- Bloomberg (26th Nov, 2007)

27-11-07	#5
rakesh New Member Join Date: Oct 2006 Posts: 30 Thanks: 0 Thanked 0 Times in 0 Posts	Adani MPSEZ shares likely to debut at about Rs.1,000 Indian property magnate Gautam Adani may be about to add $4 billion to his personal fortune. Adani's Mundra Port & Special Economic Zone Ltd. probably will more than double during its first trading day in Mumbai today, according to a survey of five investors who are monitoring the initial public offering. That would boost the value of his family's 81.3 percent stake to $7.8 billion. Adani, 45, is among eight Indian developers whose wealth exceeded $1 billion for the first time this year, Forbes reported. A government plan to spend $500 billion on ports, roads and airports has lured investors to developers focusing on infrastructure. Infrastructure Spending Adani's Mundra Port, India's largest cargo terminal outside government control, attracted $52 billion of bids for the IPO, 116 times the stock for sale. Adani declined to be interviewed for this story. The IPO raised 17.7 billion rupees ($446 million) this month with shares sold at 440 rupees. The shares may debut today at about 1,000 rupees apiece based on off-market trading by investors who missed out on the sale. Mundra Port is about 70 kilometers (45 miles) from the airport at Bhuj in the western state of Gujarat. The port can cater to companies including Reliance Industries Ltd., which is constructing the world's biggest refinery in the state. India's per capita income increased 40 percent in the past four years, helping real-estate developers as prices for homes in the southern part of Mumbai almost doubled in the past two years, according to data compiled by Bloomberg. Prices in New Delhi, Hyderabad, Bangalore and Chennai also climbed as more local and overseas companies expand operations. - Bloomberg (26th Nov, 2007)