JSW Infra to launch Rs 2,800 crore IPO by September-end: Sources

JSW Infra to go public by end of September

In what could be the first public issue by the JSW Group in 13 years, JSW Infra may launch its Rs 2,800-2,850 crore initial public offering (IPO) by the end of the month, various sources told Moneycontrol.

The IPO will entirely consist of a fresh issue of equity shares.

The country's second-largest commercial port operator plans to utilise the proceeds of this issue to pay down the debt of its wholly-owned subsidiaries, JSW Dharamtar Port and Jaigarh Port, as well as to finance the capital expenditure of two other subsidiaries, JSW Jaigarh Port and JSW Mangalore Container Terminal, among other things, according to sources.

The company, however, declined to comment on the development.

JSW Infra had one port concession at Mormugao, Goa, which it acquired in 2002, and which commenced operations in 2004. The company’s operations have since expanded to nine port concessions as of December 31, 2022, across India, making it a diversified maritime ports entity.

A port concession is a contract in which the government transfers the right to operate a port to a private enterprise.

Financial performance

JSW Infra’s revenues have more than doubled from Rs 1,143 crore in FY19-20 to Rs 2,273 crore in FY22-23. In May 2023, JSW Infra filed a draft red herring prospectus (DRHP) with market regulator SEBI for a Rs 2,800 crore IPO. The company has declined to comment on the move.

About The Group:

The US$ 23 billion JSW Group is ranked among the country's leading business houses. JSW has a sustainable presence in various sectors including Steel, Energy, Infrastructure, Cement, Paints, Venture Capital and Sports amongst other things.

The Group strives for excellence by leveraging its strengths & capabilities including a successful track record of executing large capital-intensive & technically complex projects, differentiated product-mix, state-of-the-art manufacturing facilities and a greater focus on pursuing sustainable growth.

Big IPOs galore

The year 2023 has seen some large corporations going public. The TVS group came out with an IPO after nearly three decades; Cyient DLM, of the Cyient group, came out with an IPO after nearly 26 years. Further, if reports are to be believed, Tata Technologies’ IPO is expected to be launched anytime in September.