JSW Infrastructure Limited or JSW infra has set a price range of 113 – 119 per share for its Initial Public Offering (IPO), which will open for bidding on 25 – 27 September.
Sajjan Jindal’s port business plans to raise 2,800 crore through the JSW infra IPO, which will be a fresh issue since there will be no dilution of the promoter’s equity. According to an advertisement, Sajjan-Jindal and family trust hold the majority stake.
By the end of FY23, JSW infrastructure was India’s second largest cargo operator. The company’s installed cargo handling capacity for multi-commodity cargo, including dry bulk, break bulk, liquid bulk, gases, and containers, was 158.43 million tonnes per year. As of 31 March 2023, the cargo volume had grown by 40% since FY20 to 93 million tonnes.
After JSW Energy Ltd went public in January 2010, this will be the third public listing for the Sajjan Jindal-led JSW Group.
The book running lead managers are JM Financial Ltd., Axis Capital Ltd., Credit Suisse Securities (India) Private Ltd., DAM Capital Advisors Ltd., HSBC Securities and Capital Markets (India) Private Ltd., ICICI Securities Ltd., Kotak Mahindra Capital Company Ltd., and SBI Capital Markets Ltd.
The company reported a profit after tax (PAT) of 750 crore at the end of FY23 with a top line of 3,195 crore, while its operating margin was 53%.