At 5:00 p.m., the company had received bids for 876.43mn shares as against the issue size of 40.25mn shares, according to the National Stock Exchange (NSE).

The Adani Group company offered shares to local and overseas investors in a range of Rs400 to Rs440 per share.

Mundra Port is likely to raise up to Rs17.71bn through the issue to part finance the construction of basic infrastructure in the proposed SEZ at Mundra, besides a terminal for coal and other cargo.

The company is primarily engaged in providing bulk cargo services, container cargo, crude oil cargo and value-added port services, including railway services between Mundra Port and Adipur, according to Executive Director, Ameet Desai.

The Ahmedabad-based Adani Group has businesses in commodities trading, coal mining, power generation, real estate development and agriculture processing.

The issue comprised a reservation of 24,060,000 shares allocated for Qualified Institutional Buyers (QIBs), 4,010,000 shares for Non Institutional Investors, 12,030,000 shares for Retail Individual Investors (RIIs) and 150,000 for employees.