JSW Infrastructure to launch Rs 2,800 crore IPO on September 25
JSW Infrastructure, the port-related infrastructure company of the JSW Group, is all set to launch its initial public offering (IPO) on September 25. The IPO will consist of a fresh issue of Rs 2,800 crore and does not have an offer-for-sale component.
The public issue will close for subscription on September 27, while the anchor book, a part of QIB portion, will be opened for a day on September 22. The price band for the offer will be announced in the coming days.
The company will use the net proceeds from the fresh issue to repay debts amounting to Rs 880 crore, and Rs 1,029.04 crore will go towards expansion or upgradation works at Jaigarh Port, owned by subsidiary, JSW Jaigarh Port.
Further, the expansion at Mangalore Container Terminal (Mangalore container project) owned by subsidiary, JSW Mangalore Container Terminal, worth Rs 151.05 crore will be done via fresh issue proceeds. And the remaining amount will be used for general corporate purposes.
The JSW Group company has reserved 75 percent of the offer size for qualified institutional buyers (QIB), 15 percent for high networth individuals and the remaining 10 percent for retail investors.
JSW Infrastructure is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY21-FY23. The company has expanded its operations from one port concession at Mormugao, Goa acquired by the JSW Group in 2002, to nine port concessions as of June 2023 across India.
The company’s installed cargo handling capacity in India grew at a CAGR of 15.27 percent during FY21-FY23 to 158.43 MTPA (million tonnes per annum) as of March FY23. During the same period, cargo volumes in India grew at a CAGR of 42.76 percent to 92.83 MMT (million metric tonne).
The basis of allotment of IPO shares will be finalised by the company in consultation with the BSE by October 3, and the shares will be credited to demat accounts of eligible investors by October 5. The Initiation of refunds (if any, for anchor investors) or unblocking of funds from ASBA account will take place by October 4.
The trading in the equity shares of JSW Infrastructure on the BSE and NSE will commence with effect from October 6.
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