India's JSW Infrastructure receives bids worth $7.3 bln in IPO

Aeroflex Industries

27/09/2023 15:36

BENGALURU, Sept 27 (Reuters) - Indian commercial port
operator JSW Infrastructure received bids worth 606.13 billion
rupees ($7.29 billion) in its initial public offering (IPO),
exchange data showed on Wednesday.
    The JSW Group-owned company received bids for 5.09 billion
shares at between 113 and 119 rupees, 37.37 times more than the
136.3 million shares offered, National Stock Exchange data
showed, with institutional investors showing the most interest.
    The IPO of India's second-largest commercial port operator
in terms of cargo handling capacity was JSW Group's first since
JSW Energy in 2010, and comprised of fresh issue of shares worth
up to 28 billion rupees.
        JSW Energy  JSWE.NS  debuted in January 2010, and has
since risen more than four-fold in value.
    JSW Infra, which competes with Adani Ports  APSE.NS  and
Gujarat Pipavav Port  GPPL.NS , is due to be listed on Indian
exchanges next week.
    The company plans to use proceeds from the IPO to repay
certain borrowings and invest in expansion projects at its units
JSW Jaigarh Port and JSW Mangalore Container Terminal. It had a
net debt of 22.16 billion rupees as of March 31, 2023.
    It also plans to expand its operational capacity to up to
300 million tonnes per annum (MTPA) across its ports and
terminals by 2030 from around 158 MTPA currently.
    In comparison, Adani Ports had a total operating capacity of
558 MMTPA as on March 31.
    JSW Infra's profit for fiscal 2023 more than doubled to 7.50
billion rupees year-on-year, while its revenue from operations
rose 40.6% to 31.95 billion rupees, its IPO prospectus showed.
    The listing would follow successful debuts by companies like
Aeroflex Industries  AERO.NS  and Concord Biotech  CONB.NS  in
the past few days owing to improved domestic appetite, and
robust foreign and domestic fund inflows.

($1 = 83.1854 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru; Editing by Varun H K)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;
 +91 8095218099;))