JSW Infra IPO: JSW Group’s IPO mobilises ₹1,260 crore from anchor investors ahead of issue

Owned by the Sajjan Jindal, JSW Infrastructure Limited on 22 September informed that it has raised ₹1,260 crore from 65 anchor investors, a day ahead of its IPO subscription opening for bidding.

As per the regulatory statement, Global marquee investors like Government of Singapore, Monetary Authority of Singapore, Morgan Stanley, Fullerton, HSBC Trustee, TA Global, The Master Trust Bank of Japan, Cohesion MK Best Ideas, Goldman Sachs, Theleme India Master Fund, BNP Paribas Arbitrage - ODI, and Principal Global invested in the diversified maritime ports company via anchor book.

Apart from this, domestic investors including Sunil Singhania-owned Abakkus, LIC Mutual Fund, SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon Life India, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, Sundaram Mutual Fund, UTI Mutual Fund, Tata Mutual Fund, Max Life Insurance Company, Bajaj Allianz Life Insurance Company, and SBI General Insurance Company also participated in the anchor book.

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In the filing, JSW said that it has finalised allocation of 10,58,82,353 equity shares to 65 anchor investors at anchor investor allocation price of ₹119 per equity price.

"The IPO Committee of the Company at their respective meetings held on September 22, 2023, in consultation with the Book Running Lead Managers to the Issue, has finalized allocation of 105,882,353 Equity Shares, tyo Anchor Investors at Anchor Investor allocation price of ₹119 per Equity shares," JSW Infra said in a statement.

The ₹2,800-crore public issue of JSW Group's is first IPO after 13 long years and comprises only a fresh issue. Earlier in 2010, the Group had listed its energy business separately.

The price band JSW's IPO, that opens on 25 September, has been fixed at ₹113-119 per share. The offer will close on September 27.

Apart from this it also said that 11 mutual funds have applied through a total of 28 schemes for the equity shares.

According to Securities Exchange Board of India regulations, 2018, anchor investors will have to pay the difference by pay-in as specified in revised CAN, in case the Issue Price discovered through the book building process is higher than the Anchor Investor allocation price, the firm said.

It is to be known that Sajjan Jindal Family Trust holds 90.91-percent shareholding in port-related infrastructure company. However, the JSW Infrastructure Employees Welfare Trust, JSL, and Siddeshwari Tradex hold 9.08 percent of the shares in the firm.

In the year ended March FY23, JSW Infrastructure recorded profit growing at 126.8 percent on-year to ₹749.5 crore, while revenue from operations increased by 40.5 percent to ₹3,194.7 crore during the same period. In the Q1 FY24, the firm's net profit rose by 67.3 percent year-on-year to ₹322.2 crore and revenue was up by 7.1 percent to ₹878 crore.