JSW Infrastructure’s Rs 2,800-crore IPO to open this month

The Rs 2,800 crore initial public offering of JSW Infrastructure, the ports division of JSW Group, is likely to commence public subscription by the end of this month, according to bankers. The company has filed its red herring prospectus with the Registrar of Companies.

JSW Infrastructure’s forthcoming public offering marks a significant milestone as the first public listing from the JSW Group in nearly 13 years. JSW Infrastructure had filed the draft red herring prospectus for its initial public offering with Sebi in May 2023. The IPO, consisting entirely of fresh shares, will serve as a means to partially retire existing debt obligations and fund future expansion projects. It will be the third company of the JSW Group to be listed through the IPO route after JSW Steel and JSW Energy.

For the year ended March 31, 2023, the company handled a cargo volume of about 93 million metric tons (MMT). The company reported a revenue from operations of Rs 3,195 crore in FY23, while its net profit stood at Rs 750 crore.

JSW Infrastructure became India’s second-largest commercial port operator in terms of cargo handling capacity by the end of FY23. As of March 31, 2023, JSW Infrastructure has an installed cargo handling capacity of 158.43 million tonnes per annum for multi-commodity cargo, including dry bulk, break bulk, liquid bulk and gases and containers.

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.

JSW Infrastructure’s business operations expanded from one Port Concession at Mormugao Port Trust in Goa (acquired by JSW in 2002 and commenced operations in 2004) to nine Port Concessions across the Eastern and Western coast of India, making it a well-diversified maritime ports company. The company also operates two ports on O&M contracts at Fujairah Terminal and Dibba Terminal in the UAE with a total capacity of 41 mmtpa.

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