JSW Infra IPO set to open on September 25
business of the JSW Group, will now focus on third-party businesses even as volumes from group companies continue to remain robust, said joint managing director and chief executive officer Arun Maheshwari. While the company has been bidding for port businesses in government terminals, it is also considering developing two greenfield ports, he told ET on the sidelines of a press conference to announce the launch of its initial public offering (IPO).
The ₹2,800-crore IPO of JSW Infrastructure, India's second-largest commercial port, will open for bidding on September 25 and close on September 27.
The company has fixed the IPO price band at ₹113-119 per share. Investors can bid for a minimum of 126 shares and in multiples of 126 shares thereafter.
The IPO is entirely a fresh issue.
After being a captive player for the JSW Group for 15 years, JSW Infra has boosted focus on third-party businesses.
«We will continue a similar strategy going ahead, and we intend to get into more containers, liquid and gas,» said Maheshwari. «This will happen largely through a mix of bidding terminals in the government ports and the greenfield expansions.»
JSW Infra's business mix has undergone a change with third-party cargo now comprising 37% of its business as against 6% in 2019.
«Any port company needs to have an anchor customer to build its assets, and what better than a group company,» he said.
«Ideally, we would like to have a 50:50 ratio for group companies and third parties.»
Out of the ₹2,800 crore from the IPO, ₹1,200 crore will go into expansions, and around ₹900 crore will be used to repay loans. About ₹700 crores will be used for general corporate purposes.
