JSW Infra sets IPO price band at Rs 113-119, looks to raise Rs 2800 crore
The IPO, which is a first from JSW Group in nearly 13 years, is completely a fresh issue of shares worth Rs 2,800 crore. The company had filed the draft prospectus with Sebi in May this year.
JSW Infrastructure is the fastest growing port-related infra company in installed cargo handling capacity and cargo volumes handled during FY21-23, and the second largest domestic commercial port operator by cargo handling capacity in FY23.
The company'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 nine port concessions have an installed cargo handling capacity of 158.43 MTPA as of June 2023.
The company also handles two port terminals under O&M agreements for a cargo handling capability of 41 MTPA in the UAE as of June 2023.
Net proceeds from the issue will be utilised towards repayment of debt, financing capital expenditure, and other general corporate purposes.
For the three months ended June 2023, the company's revenue from operations jumped 7% year-on-year (YoY) to Rs 878 crore, while net profit grew 68% to Rs 322 crore.
Its installed cargo handling capacity in India grew at a CAGR of 15.27% from FY FY21-23. During the same period, the cargo volumes handled in India jumped at a CAGR of 42.76%.
The offer is being made through a book-building process where 75% of the issue is 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
