JSW Infrastructure IPO: Check Price Band, Key Dates, Lot Size, GMP, Other Details

The initial public offering of JSW Infrastructure is all set to open for subscriptions on Monday 25, September. The company aims to raise Rs 2,800 crore through this issue. The IPO is a book-building issue of Rs 2,800 crore.  

The three-day IPO will close on Wednesday, 27 September 2023. The price band for the issue has been fixed between Rs 119 and Rs 125 per share.

JSW Group is one of the largest and most successful conglomerates in India. It is the first IPO from the group in the last 13 years. JSW Infra will be the third company in the group to be listed on the exchanges after JSW Energy and JSW Steel.

JSW Infrastructure IPO Key Dates

The allotment of shares will take place on 3 October 2023. The company will initiate refunds on 4 October 2023. The shares will be credited into the respective demat accounts of eligible investors on 5 October 2023. The stock is expected to be listed on the bourses on 6 October 2023. It is a mainboard IPO and is likely to list on the NSE and BSE.

Lot Size

The investors can bid for a minimum of 126 shares. At the lower price band, the minimum investment for a single lot of JSW Infra shares is Rs 14,238 and Rs 14,994 at the upper price band.

JSW Reservation

JSW Infra has reserved 75 per cent of the public issue for qualified institutional buyers (QIBs), 15 per cent for net institutional investors (NIIs), and 10 per cent for retail investors. From the portion booked for QIBs, 60 per cent will be for anchor investors, and 15 per cent is booked for high-net-worth individuals (HNIs).

Objectives of the Issue

The company aims to utilise the proceeds from the issue for prepayment or repayment, in full or in part, or a proportion of certain outstanding borrowings through investment in wholly owned subsidiaries, JSW Dharamtar Port Private Ltd and JSW Jaigarh Port Limited. The funds will be utilised for general corporate purposes as well.

Lead Managers

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 Limited, and SBI Capital Markets Ltd are the book-running lead managers.

Grey Market Premium

JSW Infrastructure shares were commanding a premium of Rs 15 in the grey market, according to ipowatch.in.

JSW Infra Financials

JSW Infra is the second-largest domestic commercial port operator by cargo handling capacity in FY23 and has a diversified portfolio of ports across India. The company operates nine port concessions in India with an installed cargo handling capacity of 158.43 MTPA as of 30 June 2023. It also operates two port terminals under O&M agreements for a cargo handline capability of 41 MTPA in the UAE as of 30 June 2023. Promoters of the company are Sajjan Jindal and Sajjan Jindal Family Trust.

For the quarter ended 30 June 2023, JSW Infra reported revenue from operations worth Rs 878.1 crore, compared to Rs 819.7 crore during the corresponding quarter last year.

The net profit for the Q1FY24 stood at Rs 322.2 crore, up from Rs 192.5 crore year-on-year.

In FY23, the company reported total revenue of Rs 3,194.7 crore, 40 per cent higher than the Rs 2,273 crore it reported in FY22.