JSW Infra gets nod for IPO
NEW DELHI : JSW Infrastructure Ltd, the Sajjan-Jindal-led port business, has received the approval to launch its ₹2,800 crore initial public offering (IPO) and is likely to finalize the launch by the end of this month, a person close to the matter told Mint. The port business of the $23 billion group had earlier in the year filed draft papers for a ₹2,800 crore IPO with an aim to retire the debt and furthermore fund the capacity expansion plans of the company. The entire IPO consists of a fresh issue of equity shares and there will be no dilution of the promoter’s existing equity. As of 31 December 2022, the company’s debt stood at ₹2,875 crore.
Email queries sent to the company didn’t elicit any response. JSW infrastructure is India’s second largest port operator in terms of cargo handling capacity as of FY23. The installed cargo handling capacity of the company stood at 153.43 million tonnes per annum for multi-commodity cargo, including dry bulk, break bulk, liquid bulk, gases, and containers.
It has had a 40% growth in cargo volumes since FY20 with a cargo volume of 93 million metric tonnes (MMT) as of 31 March 2023. This will be the company’s third listing on the bourses, the first two being JSW’s energy and steel verticals. It is embarking on this route to raise funds after 13 years with the help of JM Financials as the lead banker to the issue.
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