JSW Infrastructure, a part of the JSW Group, raised Rs 1,260 crore ($169.3 million) from anchor investors on Friday, just days before its Initial Public Offering (IPO). The company allocated 10.58 crore equity shares to 65 funds at Rs 119 each, which is also the upper end of the price band, according to details shared on the BSE website.
Among the anchor investors are notable names such as the Government of Singapore, Monetary Authority of Singapore, Morgan Stanley Investment Funds, Max Life Insurance Company, Bajaj Allianz (ETR:ALVG) Life Insurance Company, Ask Investment Fund, SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, UTI MF, Sundaram MF, Tata MF, Nippon India MF and Aditya Birla Sun Life MF.
The public issue is entirely a fresh issue of equity shares worth Rs 2,800 crore ($376.5 million). Investors can bid for a minimum of 126 equity shares and in multiples of 126 equity shares thereafter. The issue is set to open for public subscription during September 25-27.
The proceeds from the issue will be used to pay debt and finance capital expenditure requirements for various projects. These include an LPG terminal project worth Rs 865.75 crore ($116.3 million), setting up an electric sub-station worth Rs 59.4 crore ($8 million), purchasing and installing a dredger worth Rs 103.88 crore ($14 million), and expanding the Mangalore Container Terminal at a cost of Rs 151.04 crore ($20.3 million). A portion of the proceeds will also be used for general corporate purposes.
JSW Infrastructure is a port-related infrastructure company that provides maritime-related services including cargo handling, storage solutions, logistics services, and other value-added services to its customers. As of June 30, 2023, the company's installed cargo handling capacity was 158.43 million tonnes per annum.
The book-running lead managers to the issue include JM Financial, Axis Capital (NYSE:AXS), Credit Suisse Securities (India) Pvt Ltd, DAM Capital Advisors, HSBC Securities and Capital Markets (India) Pvt Ltd, ICICI Securities, Kotak Mahindra Capital Company, and SBI Capital Markets.
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