JSW Infrastructure IPO booked 37.37 times on final day, retail portion subscribed 10.31 times

JSW Infrastructure IPO closes today

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26 Aug, 2025 12:21

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The initial public offering (IPO) by JSW Infrastructure, part of the JSW Group, has been subscribed 37.37 times on the final day of bidding.

Investors have bid for 509.3 crore equity shares, worth more than Rs 60,000 crore at the upper price band against the issue size of Rs 1,540 crore. The offer size has been reduced to Rs 1,540 crore from Rs 2,800 crore after the company mopped up Rs 1,260 crore via anchor book on September 22.

Retail investors, who have 10 percent reservation in the public issue, have bought 10.31 times the allotted quota, while the portion set aside for high networth individuals, which is 15 percent of the total offer, was subscribed 15.99 times.

Qualified institutional buyers (QIB), who are generally considered medium-to-long term investors, have bid 57.09 times their reserved portion which is 75 percent of the issue size.

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The quota for QIB was reduced after anchor investors bought Rs 1,260 crore worth of shares, which is 60 percent of the total QIB book, on September 22. 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 were amongst the marquee names who participated in the anchor book.

Also read: JSW Infrastructure sees slower revenue growth in next 3 years on high base: Jt MD & CEO

The port-related infrastructure company intends to raise Rs 2,800 crore through its public issue, which so far has subscribed 2.13 times in the first two days of bidding, i.e. September 25 and 26.

The price band for the offer is Rs 113-119 per share.

The maiden public issue comprises only a fresh issue component. Hence, the entire fresh issue proceeds, excluding IPO expenses, will go to the maritime-related services company.

Also read: JSW Infrastructure IPO: 10 things to know before you buy the issue

India's second largest commercial port operator will reduce its debt burden by Rs 880 crore through the fresh issue funds. At the end of June 2023, it had total outstanding borrowings at Rs 4,228.4 crore on a consolidated basis.

Further, Rs 1,029.04 crore will go towards expansion or upgradation works at Jaigarh Port, owned by subsidiary JSW Jaigarh Port, and the Rs 151.05 crore will be utilised for the Mangalore Container Terminal owned by subsidiary JSW Mangalore Container Terminal.

And the remaining amount will be used by the firm for general corporate purposes going ahead.

Also read: Valiant Laboratories raises Rs 45.74 crore via anchor book ahead of IPO

JSW Infrastructure, the fastest-growing port-related infrastructure company with diversified operations in terms of cargo profile, geography, and assets, has recorded a 62.3-percent CAGR growth in net profit during FY21-FY23, and 41-percent CAGR growth in revenue from operations during the same period.

The company benefits from a strong corporate lineage of the JSW Group having strategically located assets in close proximity to JSW Group customers and industrial clusters supported by multi-modal evacuation infrastructure, Sharekhan said.

The market capitalisation post issue, at the upper price band, will be Rs 24,990 crore, while peer Adani Ports and Special Economic Zone has a market cap of Rs 1,77,243 crore on September 26's closing.

JSW Infrastructure has expanded its operations from one Port Concession at Mormugao, Goa in 2002, to nine Port Concessions as of June 2023 across India, making them a diversified maritime ports company. Its installed cargo handling capacity in India grew at a CAGR of 15.27 percent from 119.23 MTPA in March 2021 to 158.43 MTPA in March 2023.

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The company will finalise the basis of allotment of IPO shares by October 3, and equity shares will be credited to demat accounts of eligible investors by October 5.

Also Read: Valiant Lab IPO: 10 things to know before subscribing to Rs 152 cr issue

The trading in its equity shares will commence with effect from October 6, which is the old T+6 timeline, as per the IPO schedule.

This will be the first listing from the JSW Group since 2010, when it had listed its energy business separately.

Henceforth, whether the company is going to adopt voluntarily the new T+3 timeline for listing or not will be closely watched by participants. Companies launching IPOs since September 1, 2023 can voluntarily list shares in the T+3 timeline, while it will be mandatory for all companies launching IPOs with effect from December 1, 2023.

JSW Infrastructure shares were available at around a 15-percent premium over the upper price band, in the grey market, an unofficial platform for trading in IPO shares till the listing, analysts said on anonymity.

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