The Initial Public Offering (IPO) of JSW Infrastructure, India's second-largest commercial port operator, has attracted significant interest from investors. The company is set to make its debut on the Indian stock markets on Tuesday, October 3.
The public offer was open for subscription from September 25 to 27 and saw an overall subscription rate of 37.37 times. Qualified institutional investors played a significant role by subscribing 57.09 times their allocated shares, while high-net-worth individuals and retail investors subscribed 15.99 times and 10.32 times their respective quotas.
The total issue size of the IPO was ₹2,800 crore ($375 million), entirely a fresh issue of 23.53 crore shares. The price band for the IPO was ₹113 to ₹119 per share with a minimum lot size of 126 shares.
JSW Infrastructure is expected to list within the T+2 timeline (issue closing date + two working days) after completing allotment, share transfer, and refunds process. This follows RR Kabel as the second company to list under the T+2 timeline since the Securities and Exchange Board of India made it voluntary for companies initiating IPOs from September 1 to adopt this timeline.
Market observers suggest that the Grey Market Premium (GMP) for JSW Infrastructure stands at ₹31 per share, indicating that the company's shares are trading ₹31 above their issue price in the unofficial market. The shares of JSW Infrastructure Ltd are expected to see around a 25% listing premium.
JSW Infrastructure has shown consistent revenue, EBITDA (earnings before interest, tax, depreciation, and amortization), and PAT (profit after tax) growth with a Compound Annual Growth Rate (CAGR) of 41%, 42%, and 62%, respectively, from FY21 to FY23. The company is the fastest-growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY21-FY23. It also stands as the second-largest commercial port operator in India in terms of cargo handling capacity in FY23.
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