JSW Infra gets Sebi nod for its ₹2,800 crore IPO
- IPO proceeds will be used to retire debt and fund the company's capacity expansion projects
New Delhi: JSW Infrastructure Ltd. has received approval from the Securities and Exchange Board of India (Sebi) for its ₹2,800 crore initial public offering (IPO), which is likely by the end of this month, a person familiar with the matter told Mint.
In May, the ports business of the $23 billion JSW Group had filed draft papers for its IPO, aimed at retiring debt and fund its capacity expansion plans.
The company’s debt as of 31 December 2022 stood at ₹2,875 crore.
Email queries sent to the company didn’t elicit any response till the time of publishing.
JSW Infrastructure is India’s second largest port operator in terms of cargo handling capacity, with installed cargo handling capacity at 153.43 million tonne per annum for multi-commodity cargo, including dry bulk, break bulk, liquid bulk, gasses and containers.
This will be the third public listing from the JSW Group, 13 years after JSW Energy Ltd went public in January 2010. The Sajjan Jindal-led JSW Group also operates cement, paints, venture capital and sports businesses.
JM Financial Ltd., Axis Capital Ltd., Credit Suisse Securities (India) Private Ltd., DAM Capital Advisors Ltd., HSBC Securities and Capital Markets (India) Private Ltd., ICICI Securities Ltd., Kotak Mahindra Capital Company Ltd., and SBI Capital Markets Ltd. are the book running lead managers.
The equity shares are proposed to be listed on the BSE and the National Stock Exchange.
JSW Infra, which commenced operations in 2004, has nine concessions and holds operations and management contract of two ports in West Asia with a capacity of 41 mmt per annum.
The company reported a net profit of ₹447.2 crore in the December quarter of FY23, while earnings before interest, taxes, depreciation, and amortization (Ebitda) stood at ₹1,268.6 crore. In the year ended December 2022, the company’s cargo volumes grew by 35%, revenue by 41%, operational profit by 31% and profit after tax by 30% over the same period a year earlier.
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