JSW Infrastructure IPO Day 1: Issue Subscribed 43%, GMP Jumps 15%

On the first day of the bidding process, dominated by retail investors, the Initial Public Offering of JSW Infrastructure Limited got a subscription of 43%. According to information available on the stock exchanges, the offering received bids for 5,82,98,058 shares versus the 13,62,83,186 equity shares that were offered, at a price range of Rs 113-119. Retail Portion received 1.38 times more subscriptions than Non-Institutional Investors, who received 0.60 times more than Qualified Institutional Buyers, who received 0.03 times subscriptions. The issue's subscription period opened on September 25, 2023, and it will end on September 27, 2023.

JSW Infrastructure Ltd raised Rs 1260 crore from anchor investors the day before the IPO opening date. Morgan Stanely, HSBC Global, Theleme, Pictet, SBI MF, ICICI Pru MF, HDFC MF, Nippon MF, Birla MF, UTI MF, LIC MF, Franklin Templeton MF, Tata MF, Sundaram MF, SBI Life, Birla Life, Bajaj Allianz Life, Max Life, SBI General Insurance, Shamyak Investment (Enam group firm led by Akash Bhansali), Premji Investment, Madhu Kela led MK Ventures, Sunil Singhania led Abakkus etc are the foreign investors and domestic institutions who participated in the anchor.

Leading brokerage houses like Anand Rathi, Reliance Securities, Motilal Oswal, and Nirmal Bang have rated JSW Infrastructure Ltd. as "Subscribe." The IPO's registrar is KFin Technologies Limited, and the book-running lead managers are JM Financial Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, DAM Capital Advisors Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited. It is proposed that the equity shares be listed on both the BSE and NSE.

The book-building process for the main-board IPO of JSW Infrastructure is worth Rs 2,800.00 crores. The whole 23.53 crore share offering is a new issue. JSW Infrastructure IPO price band has been fixed at Rs 113 to Rs 119 per share. A minimum lot size of 126 Shares is required for an application hence retail investors must make a minimum investment of Rs 14,994.

On Tuesday, October 3, 2023, the JSW Infrastructure IPO's allotment of shares is anticipated to be finalised. The scheduled listing date for the JSW Infrastructure IPO is set for Friday, October 6, 2023 on the BSE and NSE.

The latest GMP for the JSW Infrastructure IPO is Rs 18 as of September 26th, 2023, at 06:03 AM. The anticipated listing price for JSW Infrastructure IPO is Rs 137 (upper price band plus today's GMP) considering a price range of Rs 119.00. In light of the current GMP, grey market observers predict that JSW Infrastructure will be listed at a premium of 15.13% above the issue price on the day of its listing.