JSW Infrastructure will finalise share allotment today, 29 September for its initial public offering (IPO). The public issue was opened for subscription on 25 September and closed on 28 September. The company had fixed the price band in the range of Rs 113–119 with a lot size of 126 shares to raise Rs 2,800 crore.
Incorporated in 2006, JSW Infra provides maritime-related services, which include logistics services, storage solutions, and cargo handling. It builds and operates ports and port terminals under port concessions for a long-term, around 30–50-year period. It is the second-largest port operator in the country in terms of cargo handling capacity.
The subsidiary of JSW Group received an impressive subscription rate of 37.37 times on the closing day of bidding. It received a robust response from Qualified Institutional Buyers (QIBs), as the quota booked for them got subscribed to 57.09 times. The portion allotted for non-institutional investors (NIIs) received 15.99 times the subscription.
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JSW Infrastructure is commanding a premium of Rs 25 in the grey market, according to investorsgain.com. Given the upper end of the JSW Infra IPO price band and the current GMP, the estimated listing price is Rs 144 per share, which is around 21 per cent higher than the IPO price of Rs 119.
JSW Infrastructure is expected to list on the stock exchanges, both BSE and NSE, on Friday, 6 October 2023.
Proceeds of the issue of around Rs 880 crore will be used to repay debt, Rs 865.75 crore to fund capital expenditure requirements for an LPG terminal project, and Rs 59.4 crore for setting up an electric sub-station, according to the circular. In addition, proceeds to the tune of Rs 103.88 crore will be used for the purchase and installation of a dredger and Rs 151.04 crore for the proposed expansion at Mangalore Container Terminal.
The JSW Group company raised Rs 1,260 crore in funding from anchor investors ahead of its IPO on 25 September. The company offered around 10.58 crore shares at a price of Rs 119 per share to 65 anchor investors.
These investors include the Government of Singapore, SBI Mutual Fund, Aditya Birla Sun Life Insurance, ICICI Prudential, Fullerton, Tata Mutual Fund, HDFC Mutual Fund, Nippon Life India, BNP Paribas Arbitrage, Think India Opportunities Master Fund, Morgan Stanley India Investment Fund, Bajaj Allianz, and Goldman Sachs (Singapore), among others.