JSW Group Firm To Raise Rs 2,800 crore via IPO, Files DRHP

JSW Group firm JSW Infrastructure is planning to raise approximately Rs 2,800 crore via Initial Public Offering (IPO) route, according to sources. The company has filled the draft red herring prospectus (DRHP) with capital market regulator Securities and Exchange Board of India (SEBI) in this regard, according to a PTI report.

"JSW Infrastructure has filed DRHP to raise up to Rs 2,800 crore through IPO route. The ports business of the JSW Group has filed the DRHP for its initial public offering with SEBI on May 9, 2023," as per sources. When contacted for details, a JSW Group spokesperson declined to comment.

The company will use the proceeds to retire its debt as well as to fund its capacity expansion projects. JSW Infrastructure will be the third company of the JSW Group to be listed on the bourses after JSW Energy and JSW Steel, added the PTI report.

According to sources, promoters will not be diluting their current stake, and JM Financial is the lead banker of this public issue. JSW Infrastructure has an installed cargo handling capacity of 153.43 million tonnes per annum (MTPA) for multi-commodity cargo including dry bulk, break bulk, liquid bulk, gases and containers.

As of December 31, 2022, JSW Infrastructure had a net debt of Rs 2,875 crore. The company had a profit after tax (PAT) of Rs 447.2 crore in October-December 2022-23 and Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of Rs 1,268.6 crore. Besides, the Sajjan Jindal-owned JSW Group is also into cement, paints, venture capital and sports, stated the PTI report.