JSW Infrastructure, the ports business of JSW Group, has announced the price band for its upcoming initial public offering (IPO) at Rs 113-119 per share. The IPO will be open for subscription from September 25 to September 27. This is the first IPO from JSW Group in nearly 13 years and is a fresh issue of shares worth Rs 2,800 crore.
JSW Infrastructure is a leading port-related infrastructure company in India, with a strong presence in cargo handling capacity and volumes. It is the second largest domestic commercial port operator in the country. The company has nine port concessions across the eastern and western coast of India, making it a well-diversified maritime ports company.
As of June 2023, the company has an installed cargo handling capacity of 158.43 MTPA. It also operates two port terminals in the UAE under O&M agreements. The IPO proceeds will be used for debt repayment, financing capital expenditure, and other general corporate purposes.
In the three months ended June 2023, JSW Infrastructure reported a 7% YoY increase in revenue from operations, reaching Rs 878 crore. Net profit also grew by 68% to Rs 322 crore during the same period.
The IPO will follow a book-building process, with 75% of the issue reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors. JM Financial, Axis Capital, Credit Suisse Securities, DAM Capital Advisors, HSBC Securities, ICICI Securities, Kotak Mahindra Capital, and SBI Capital are the bankers on the issue, and KFin Technologies is the registrar.
Sources:
– JSW Infrastructure prospectus filed with SEBI
– Company’s financial statements for the three months ended June 2023