JSW Infrastructure IPO Day 1: Check Important Dates, Lot Size, Latest GMP And Other Details Here

The three-day initial public offering (IPO) of JSW infrastructure has opened for subscription today (September 25). The IPO of Sajjan Jindal-owned company JSW Infrastructure Limited will close for bidding on September 27 (Wednesday). The company is looking to raise Rs 2,800 crore from its initial offer. The company has set the price band of of JSW infrastructure IPO between Rs 113 to Rs 119 per share. The IPO of JSW Infrastructure Limited is 100% fresh in nature. The company's shares are likely to be listed on NSE and BSE both.

The company intends to utilise the net issue proceeds of the IPO for debt repayment amounting to Rs 880 crore, and Rs 1,029.04 crore will be spent on expansion or upgrade works at Jaigarh Port, owned by subsidiary JSW Jaigarh Port. As of June 2023, the company's total consolidated debt at Rs 4,228.39 crore. Besides, the fresh issue proceeds will also be used for the expansion at Mangalore Container Terminal (Mangalore container project) owned by a subsidiary, JSW Mangalore Container Terminal for Rs 151.05 crore, while the remaining amount will be used for general corporate purposes.

JSW Infrastructure IPO Size:

The IPO comprises only a fresh issue component by the company and it does not have an offer-for-sale portion.
Ahead of the IPO launch, out of the total offer size, the company raised Rs 1,260 crore from several anchor investors on September 22 (Friday). These investors include the Monetary Authority of Singapore, Morgan Stanley, the Government of Singapore, HSBC, The Master Trust Bank of Japan, Goldman Sachs, Theleme India Master Fund, Principal Global, Sunil Singhania-owned Abakkus, LIC Mutual Fund, SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Trustee, and Max Life Insurance Company.

The JSW Group company has reserved 75% of the offer size for qualified institutional buyers (QIBs), 15% for high net worth individuals (HNIs), and the remaining 10% for retail investors.

Important Dates:

The company is expected to finalize the basis of the allotment of IPO shares by October 3, while the tentative date for crediting the shares to demat accounts of eligible investors is October 5.

JSW Infrastructure shares are expected to commence trading on the BSE and NSE with effect from October 6.

JSW Infrastructure IPO size:

The company aims to raise Rs 2,800 crore from its offer via issuance of fresh 2,35,294,118 company shares.

JSW Infrastructure IPO lot size:

A bidder will be able to apply in lots and one lot of the IPO comprises 126 shares. The minimum application amount for retail investors will be around Rs 14,994 (for 1 lot) and their maximum investment is Rs 1,94,922 (1,638 shares) as they are not allowed to exceed the investment limit of Rs 2 lakh.

JSW Infrastructure IPO GMP:

According to market observers and websites tracking grey market premium (GMP), JSW Infrastructure shares are trading at a premium of Rs 15 to Rs 18 in the grey market.

On Saturday, the company's shares were available at a premium of Rs 15 in the grey market.

JSW Infrastructure IPO registrar:

The company has appointed Kfin Technologies Limited as the official registrar of its IPO.

About the company:

JSW Infrastructure is the 2nd largest commercial port operator in the country in terms of cargo handling capacity in Fiscal 2022. The company's port facilities are flanked across the East and West coasts of the country. The diversified maritime ports company has expanded its operations from one port concession at Mormugao, Goa acquired by the JSW Group in 2002, to nine port concessions as of June 2023 across India. JSW's installed cargo handling capacity in India grew at a CAGR of 22.35% from 102.50 MTPA as of March 31, 2020, to 153.43 MTPA as of March 31, 2022.