JSW Infrastructure files for IPO, to raise ₹2,800 crore
New Delhi: JSW Infrastructure, the ports business of the JSW Group, on Wednesday filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO).
“The ports business of Sajjan Jindal-led JSW Group plans to raise up to ₹2,800 crore through the IPO route, which will be used to retire its debt as well as to fund its capacity expansion projects,” said people in the know, who did not want to be identified.
The JSW Infrastructure IPO is the third public listing by the JSW Group and comes 13 years after the listing of JSW Energy in January 2010.
JSW Infrastructure promoters will not be diluting their stake in the IPO, said one of the persons cited above. JM Financial is the lead banker to the issue.
When contacted, the JSW Group’s official declined to comment on the matter.
JSW Infrastructure is the second largest commercial port operator in India in terms of cargo handling capacity during 2021-22.
As on 31 December 2022, JSW Infrastructure had an installed cargo handling capacity of 153.43 million tonne per annum for multi-commodity cargo including dry bulk, break bulk, liquid bulk, gases and containers.
The company witnessed growth across key parameters such as cargo volume handled that grew by 35%, revenue by 41%, operational profit by 31% & profit after tax by 30% till the end of December 2022.
JSW Infrastructure’s port business operations have expanded from one port concession at Mormugao in Goa that was acquired by the JSW Group in 2002 and commenced operations in 2004, to nine port concessions as of December last year, making it a well diversified maritime ports company.
The company is also into operations & management contract of two ports in West Asia for 41 mmt per annum capacity.
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