JSW Infrastructure's Rs 2,800 crore-IPO to open on September 25
JSW Infrastructure, the ports business of Sajjan Jindal-led JSW Group, will open for subscription on September 25. The issue closes on September 27.
The IPO, which is the first from JSW Group in nearly 13 years, is completely a fresh issue worth Rs 2,800 crore.
The company filed a draft prospectus with Sebi in May this year and received approval for the same a few days back.
The price band for the issue will be announced soon.
JSW Infrastructure is the fastest growing port-related infra company in terms of growth 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 9 port concessions across the eastern and western coast of India, making it a well-diversified maritime ports company.
The 9 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 the 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 FY21-23.
