JSW Infrastructure mops up Rs 1,260 crore from 65 anchor investors, ahead of IPO

JSW Infrastructure, owned by the Sajjan Jindal, has raised Rs 1,260 crore from 65 anchor investors on September 22, a day prior to the issue opening.
Global marquee investors like 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 invested in the diversified maritime ports company via anchor book.
Domestic investors including Sunil Singhania-owned Abakkus, 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 also participated in the anchor book.
JSW Infrastructure in its filing to exchanges has finalised allocation of 10,58,82,352 equity shares to anchor investors at a price of Rs 119 per share.
The Rs 2,800-crore public issue of the company comprises only a fresh issue and there is no offer-for-sale component in the offer. This will be JSW Group’s first IPO in 13 years. The group had already listed its energy business separately in 2010. The price range for the acquisition starting September 25 is set at Rs 113-119 per share. Offer ends September 27th.
JSW Infrastructure claims to be the fastest growing port-related infrastructure company in terms of installed cargo handling capacity and growth in cargo handling volumes, with net proceeds from new issues of Rs 880 crore. The proceeds will be used to repay a considerable amount of debt. Further, Rs 1,029.04 crore will be used for expansion or modernization works of Jaigarh Port owned by subsidiary JSW Jaigarh Port.
The proposed Mangalore Container Terminal expansion will also be done through fresh issue funds and the remaining funds will be used for general corporate purposes.
Sajjan Jindal Family Trust holds 90.91 per cent stake in the port infrastructure company, while JSW Infrastructure Employee Welfare Trust, JSL and Sidheshwari Tradex hold 9.08 per cent stake in the company. JSW Infrastructure recorded a strong financial position, with profit for the fiscal year ending March 2023 increasing by 126.8% year-on-year to 749.5 million rupees, and operating revenue for the same period increasing by 40.5% to 3,194.7 million rupees. .
Net profit for the quarter ended June 2024 rose 67.3% year-on-year to Rs 322.2 million, while revenue rose 7.1% to Rs 878 million.