Shares of JSW Infrastructure, a part of the JSW Group, made an impressive debut on Tuesday, ending the day with a premium of over 32% against the issue price of Rs 119. The stock began trading at Rs 143, marking a jump of 20.16% from the issue price on the Bombay Stock Exchange (BSE). It then rallied 32.18% to settle at Rs 157.30. On the National Stock Exchange (NSE), it listed at Rs 143 and ended at Rs 157.30 apiece, climbing by the same percentage.
By the end of Tuesday, JSW Infrastructure commanded a market valuation of Rs 33,033.02 crore ($4.46 billion). The company's shares were actively traded throughout the day, with nearly 58 lakh shares exchanged on the BSE and over 12.21 crore shares on the NSE.
This strong debut comes after the company's Initial Public Offering (IPO) was subscribed an impressive 37.37 times on the last day of bidding last week. The IPO was entirely a fresh issue of equity shares, with a price range of Rs 113-119 per share, raising Rs 2,800 crore ($377 million).
The proceeds from this public issue will be used for various purposes including debt repayment and financing capital expenditure requirements for several projects. According to the company's circular, Rs 880 crore will be used to repay debt, and Rs 865.75 crore will finance capital expenditure for an LPG terminal project. Additionally, Rs 59.4 crore will be allocated for setting up an electric substation, and Rs 103.88 crore for purchasing and installing a dredger. The company also plans to use Rs 151.04 crore for expanding its operations at Mangalore Container Terminal.
JSW Infrastructure is a port-related infrastructure company that offers maritime-related services, including cargo handling, storage solutions, logistics services, and other value-added services to its customers. The company's strong market debut underlines investor confidence in its business model and future growth prospects.
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