JSW Infrastructure IPO Detail 2023
Introduction
The JSW Infrastructure IPO will open on September 25 and close on September 27, 2023. As per the DRHP filed with SEBI, the company intends to raise approximately ₹ 2,800 crores through fresh public issues.
JSW Infrastructure Limited (“the Company”)
JSW Infrastructure Limited was incorporated in 2006. This is the fastest-growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during Fiscal 2020 to Fiscal 2022 and the second largest commercial port operator in India in terms of cargo handling capacity in Fiscal 2022.
Its ports and port terminals typically have long concession periods ranging from 30 to 50 years. They have a diversified presence across India, with non-major ports located in Maharashtra and port terminals located at major ports across the industrial regions of Goa and Karnataka on the west coast and Odisha and Tamil Nadu on the east coast.
The company is a part of the JSW Group, a multinational conglomerate with an international portfolio of diversified assets across various sectors, including steel, energy, infrastructure, cement, paints, venture capital, and sports.
The company provides maritime-related services, including cargo handling, storage solutions, logistics services, and other value-added services, to its customers and is evolving into an end-to-end logistics solutions provider. They develop and operate ports and port terminals pursuant to port concessions.
Its operations have expanded from one port concession at Mormugao, Goa, which was acquired by the JSW Group in 2002 and commenced operations in 2004, to nine port concessions as of December 31, 2022, across India, making it a diversified maritime ports company.
Noteworthy Highlight
- Its installed cargo handling capacity in India grew at a CAGR of 22.35% from 102.50 MTPA as of March 31, 2020, to 153.43 MTPA as of March 31, 2022.
- During the same period, its cargo volumes handled in India grew at a CAGR of 34.97% from 34.01 MMT to 61.96 MMT.
- In addition to its operations in India, the company operates two port terminals under O&M agreements for a cargo handling capability of 41 MTPA in the UAE as of December 31, 2022.
Objects of the Issue,
- Prepayment or repayment, in full or part, of all or a portion of certain outstanding borrowings through investment in the wholly owned subsidiaries, JSW Dharamtar Port Private Limited and JSW Jaigarh Port Limited.
- Financing capital expenditure requirements through investment in the wholly owned subsidiary, JSW Jaigarh Port Limited, for proposed expansion and upgrade works at Jaigarh Port, i.e., i) expansion of the LPG terminal (“LPG Terminal Project”); ii) setting up an electric sub-station; and iii) purchase and installation of a dredger.
- Financing capital expenditure requirements through investment in the wholly owned subsidiary, JSW Mangalore Container Terminal Private Limited, for the proposed expansion at Mangalore Container Terminal (“Mangalore Container Project”).
- General corporate purposes
Financial Highlights (Restated)
| Particulars | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|
| Net Worth | 3,934.64 | 3,212.13 | 2,831.18 | 2,488.23 |
| Total Assets | 9,450.66 | 9,429.46 | 8,254.55 | 7,191.85 |
| Reserve & Surplus | 3,645.75 | 3,208.98 | 2,829.84 | 2,486.53 |
| Total Borrowings | 4,243.70 | 4,408.69 | 3,945.82 | 3,102.57 |
| Total Revenue | 3,372.85 | 2,378.74 | 1,678.26 | 1,237.37 |
| Profit After Tax | 749.51 | 330.44 | 284.62 | 196.53 |
IPO details
| Issue Type | Book Built Issue IPO |
| IPO Price | ₹ 113 to ₹ 119 per share |
| Face Value | ₹ 2 per share |
| Market Lot | 126 Shares |
| Issue Size | 235,294,118 shares (aggregating up to ₹ 2,800 crores) |
| Fresh Issue | 235,294,118 shares (aggregating up to ₹ 2,800 crores) |
| Listing At | NSE, BSE |
Shareholding Pattern
| Shareholding pre-issue | 1,864,707,450 |
| Shareholding post issue | 2,100,001,568 |
IPO Reservation
| Categories | No. of shares offered |
|---|---|
| QIB shares offered | Not more than 75% of the net offer |
| NII (HNI) shares offered | Not more than 15% of the Offer |
| Retail shares offered | Not more than 10% of the Offer |
GMP: JSW Infrastructure IPO
GMP, or grey market premium, is available on this page. The IPO GMP is updated on a day-to-day basis during the running period of the IPO, due to which the GMP rates fluctuate and stabilise after some time. GMP rates are not 100% guaranteed. Please click here for GMP details.
Tentative Dates: JSW Infrastructure IPO
The issue opens for subscription on September 25, 2023, and closes for subscription on September 27, 2023 (both days inclusive). The basis of allotment will be finalised on October 3, 2023, and the refunds will be initiated on October 4, 2023. In addition, the demat credits are expected to happen on October 5, 2023, and the stock will be listed on the NSE and BSE on October 6, 2023. The UPI mandate confirmation cut-off time is 5:00 PM on the issue closing day.
| Opening Date | September 25, 2023 |
| Closing Date | September 27, 2023 |
| Basis of Allotment | October 3, 2023 |
| Initiation of Refunds | October 4, 2023 |
| A credit of shares to Demat A/c | October 5, 2023 |
| Listing Date | October 6, 2023 |
Lot Size
The lot size of the JSW Infrastructure IPO is 126 shares. A retail-individual investor can apply for up to 13 lots, i.e. 1,638 shares of ₹ 194,922.
| Applications | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 126 | ₹ 14,994 |
| Retail (Maximum) | 13 | 1,638 | ₹ 194,922 |
| S-HNI (Minimum) | 14 | 1,764 | ₹ 209,916 |
| S-HNI (Maximum) | 66 | 8,316 | ₹ 989,604 |
| B-HNI (Minimum) | 67 | 8,442 | ₹ 1,004,598 |
Promoters Holdings
Mr. Sajjan Jindal and Sajjan Jindal Family Trust are the promoters of the company.
| Pre-issue Shares Holdings | 96.42% |
| Post-issue Shares Holdings | – |
Miscellaneous Information
| Download Prospectus (PDF) | IPO DRHP IPO RHP |
| Company Contact Information | JSW Infrastructure Limited JSW Centre, Bandra Kurla Complex Bandra (East), Mumbai – 400 051 Phone: +91 22 4286 1000 Email: infra.secretarial@ jsw.in Website: https://www.jsw.in/infrastructure |
| IPO Registrar | KFIN Technologies Limited Phone: 04067162222, 04079611000 Email: jswinfrastructure.ipo@kfintech.com Website: https://kosmic.kfintech.com/ipostatus/ |
| IPO Lead Manager(s) | • JM Financial Limited • Axis Capital Limited • Credit Suisse Securities (India) Private Limited • Dam Capital Advisors Ltd (Formerly • IDFC Securities Ltd) • HSBC Securities & Capital Markets Pvt Ltd • ICICI Securities Limited • Kotak Mahindra Capital Company Limited • SBI Capital Markets Limited |
