The initial public offering (IPO) of JSW Infrastructure, which is said to be the second-largest commercial port operator, will be listed on October 3, Tuesday on Indian stock exchanges.
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The IPO, which opened on September 25 for subscription, received a strong response from investors in its three-days bidding.
According to analysts, considering the robust subscription figures and the promising outlook of the company, it is anticipated that JSW Infrastructure shares will debut on the stock exchanges with a significant premium.
JSW Infrastructure IPO listing will take place within the T+2 timeframe, which comprises the period from the IPO closing date plus two working days. It's worth noting that the Securities and Exchange Board of India (SEBI), the capital market regulator, had initially introduced the option of adopting the new T+3 timeline for companies launching IPOs starting from September 1. However, starting from December 1, 2023, this new rule will become mandatory for all IPOs.
JSW Infrastructure IPO will be the second after RR Kabel IPO that will list in T+2 timeline. The IPO closed for bidding on September 27 and share allotment was finalised on September 28.
The issue was subscribed 37.37 times in total. The retail investors’ portion was booked 10.32 times, while the Qualified Institutional Buyers (QIB) bought 57.09 times the allotted quota and Non-Institutional Investors (NII) subscribed for 15.99 times the portion set aside for them.
JSW Infrastructure IPO GMP Today
With robust investor interest and the current Grey Market Premium (GMP) for JSW Infra IPO, it is anticipated that JSW Infrastructure Ltd's shares will likely debut with a listing premium ranging from 20% to 26%.
Market observers report a GMP of Rs 31 per share for the JSW Infra IPO today. This signifies that JSW Infrastructure's shares are trading at a Rs 31 premium compared to their issue price in the grey market.
The GMP suggests a potential listing price for JSW Infra of Rs 150 per share, reflecting a substantial 26% premium over the issue price.
The total issue size of the JSW Infra IPO was Rs 2,800 crore which was entirely a fresh issue of 23.53 crore shares. The company had a fixed price band of Rs 113 to Rs 119 per share and the minimum lot size was 126 shares.
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JM Financial, Axis Capital, Credit Suisse Securities (India), Dam Capital Advisors Ltd, Hsbc Securities & Capital Markets Pvt Ltd, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets Limited are the book running lead managers of the JSW Infrastructure IPO, while Kfin Technologies Limited is the IPO registrar.