India's largest container port JNPA engages investment banks for planned IPO

Subscribe to enjoy similar stories.The government is exploring an initial public offering for the country's largest container port, managed by the Jawaharlal Nehru Port Authority, and has engaged state-backed investment banks to initiate the regulatory processes for the share sale, two people aware of the matter told Mint.The process remains in the earliest stages, with no valuation discussions yet and no timeline set, the people said, who asked not to be identified because the talks are private. The focus is on preparing JNPA for the compliance and reporting standards required of a publicly listed organization—this is something that is needed before pricing or deal structuring can commence."The process is in the preliminary stages and involves multiple layers of departmental approvals," said one of the people, who asked not to be identified because the discussions are private.

“Government mandates of this nature follow a specific trajectory that requires consistent oversight to move from the initial engagement to a formal filing.”"No discussions on valuations have occurred at this stage," the second person said. "The current phase involves hand-holding the authority through the compliance and reporting standards required for a public listing."JNPA's IPO will need the approval of the ports ministry and then the port authority.A successful listing would mark only the second time a state-owned Indian port has prepared to go for a public listing, following Kamarajar Port's in-principle approval from the ministry of ports, shipping and waterways this year.