JSW Infrastructure Attracts Rs 1260 Crore from Anchor Investor Interest Ahead of IPO

23 Sep 2023 , 09:31 PM

JSW Infrastructure, a company owned by Sajjan Jindal, successfully secured Rs 1,260 crore in investments from 65 anchor investors on September 22, one day ahead of the issue opening.

The anchor book witnessed participation from prestigious global investors such as the Government of Singapore, Monetary Authority of Singapore, Morgan Stanley, Fullerton, HSBC Trustee, TA Global, The Master Trust Bank of Japan, Cohesion MK Best Ideas, Goldman Sachs, Theleme India Master Fund, BNP Paribas Arbitrage – ODI, and Principal Global. 

Additionally, well-known domestic investors, including Abakkus (owned by Sunil Singhania), LIC Mutual Fund, SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon Life India, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, Sundaram Mutual Fund, UTI Mutual Fund, Tata Mutual Fund, Max Life Insurance Company, Bajaj Allianz Life Insurance Company, and SBI General Insurance Company, participated in the anchor book.

JSW Infrastructure confirmed the allocation of 10,58,82,352 equity shares to anchor investors at a price of Rs 119 per share in its filing to stock exchanges. This strong anchor investor participation signals confidence in the diversified maritime ports company.

The company’s public issue, valued at Rs 2,800 crore, solely consists of a fresh issuance of shares, with no offer-for-sale component. This marks the first IPO from the JSW Group in 13 years, with the last one taking place in 2010 when the conglomerate separately listed its energy business.

The price range for this offering, which commences on September 25 and concludes on September 27, has been set at Rs 113-119 per share.

JSW Infrastructure, known for its rapid growth in installed cargo handling capacity and cargo volumes handled, plans to utilize the net proceeds from the fresh issue to repay debts amounting to Rs 880 crore. Additionally, Rs 1,029.04 crore will be allocated for expansion and upgrade projects at Jaigarh Port, which is owned by its subsidiary, JSW Jaigarh Port. The remaining funds will be directed towards general corporate purposes.

JSW Infrastructure has demonstrated strong financial performance, with profits growing by 126.8 percent year-on-year to reach Rs 749.5 crore for the fiscal year ending in March FY23. During the same period, revenue from operations saw a robust increase of 40.5 percent, reaching Rs 3,194.7 crore.