- By Vaamanaa Sethi
- Mon, 18 Sep 2023 11:37 AM (IST)
- Source:JND
JSW infrastructure has set the price band for its initial public offering (IPO) at Rs 113 - Rs 119 per share, the company announced on Monday. JSW Infra IPO will open for subscription on September 25 and will close on September 27.
Sajjan Jindal-led port business is the first IPO by JSW Group in nearly 13 years and is a complete fresh issue worth Rs 2,800 crore. The company had filed draft papers in May this year and got market regulatory approval a few days ago.
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According to an advertisement, Sajjan-Jindal and family trust hold the majority stake as the promoters.
JSW infrastructure is India’s second largest port operator in terms of cargo handling capacity as of FY23. The installed cargo handling capacity of the company stood at 158.43 million tonnes per annum for multi-commodity cargo, including dry bulk, break bulk, liquid bulk, gases, and containers.
The company plans to utilize the net proceeds towards repayment of the debt, financing capital expenditure, and other general corporate purposes. JM Financial, Axis Capital, Credit Suisse Securities, DAM Capital Advisors, HSBC Securities, ICICI Securities, Kotak Mahindra Capital, and SBI Capital are the bankers on the issue. KFin Technologies is the registrar.
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.
The company saw its revenue from operations jump 7% year-on-year (YoY) to Rs 878 crore, while net profit grew 68% to Rs 322 crore, for the three months ended June 2023.
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Its installed cargo handling capacity in India grew at a CAGR of 15.27% from FY21-23. During the same period, the cargo volumes handled in India jumped at a CAGR of 42.76%.