JSW Infrastructure's initial public offering (IPO) was subscribed 37.37 times on the final day of bidding. JSW Infrastructure is a leading port-related infrastructure company.
Investors have bid for shares that are worth more than Rs 60,000 crore at the upper price band against the issue size of Rs 1,540 crore. These include a total of 509.3 crore equity shares. The offer size has seen a decrement of Rs 1,540 crore from Rs 2,800 crore after the firm gathered Rs 1,260 crore via an anchor book on September 22.
Moreover the firm's retail investors' portion has been oversubscribed by 10.31 times, while the portion set aside for non-institutional investors (NII), which are also high net worth individuals, was subscribed 15.99 times.
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Qualified institutional buyers (QIB), have subscribed 57.09 times so far. They also happen to have the maximum quota of 75 per cent in the offer.
After anchor investors purchased Rs 1,260 crore worth of shares on September 22, or 60% of the whole QIB book, the quota for QIB was decreased. Among the well-known companies that took part in the anchor book were HSBC, Morgan Stanley, ICICI Prudential Mutual Fund, Government of Singapore, LIC Mutual Fund, SBI Mutual Fund, Fullerton, The Master Trust Bank of Japan, Monetary Authority of Singapore, Goldman Sachs, Sunil Singhania-owned Abakkus, and HDFC Mutual Fund.
The port-related infrastructure company plans to generate Rs 2,800 crore through a public offering, which has already received 2.13 times as many subscriptions as expected in the first two days of bidding, on September 25 and 26.
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The offer's price range is Rs. 113–119 per share.
However, the pilots raised the issue of jurisdiction and asserted in court that because they do not reside in Mumbai, the lawsuit cannot be brought there.
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