On Tuesday, JSW Infrastructure Ltd, a commercial port operator firm of JSW Group, made a robust debut on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The company's shares listed at ₹143 per share, marking a premium of 20.17%. By the end of the trading day, the share price had risen to ₹157.30 per share, representing a premium of 32.18%.
JSW Infrastructure opened for public subscription on September 25, 2023. This marked the first initial public offering (IPO) from the JSW Group in 13 years after JSW Energy listed in 2010. The upper price band of the public issue was fixed at ₹119.
The IPO was subscribed 37.37 times, indicating strong investor interest.
In the financial year 2022-23, JSW Infrastructure reported a total revenue of Rs 3,372 crore ($448 million), compared to Rs 2,378 crore ($316 million) in the previous fiscal year. The net profit for the same period reached Rs 749 crore ($99 million), up from Rs 330 crore ($44 million) in FY22.
JSW Infrastructure provides maritime-related services including cargo handling, storage solutions, logistics services and other value-added services to customers. As of March 31, 2023, the company's installed cargo handling capacity was 158.43 million tonnes per annum.
The company has grown significantly as an independent port operator servicing a wide range of customers across bulk cargo, LPG, container, sugar and other commodities. It operates nine Port Concessions across the Western & Eastern coast of India, and two port terminals under Operations & Management agreements in Fujairah Terminal and Dibba Port in the UAE.
JSW Infrastructure plans to utilize the funds from the IPO for capital expenditure, repayment of outstanding borrowings, and other general purposes. The company also intends to further expand its Ports asset portfolio and grow its operations through low-cost brownfield expansions as well as develop greenfield Ports at strategic locations. It will also consider inorganic opportunities to acquire assets which can strategically strengthen its presence in handling container and liquid cargo.
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