JSW Group firm JSW Infrastructure is looking to raise up to Rs 2,800 crore through the Initial Public Offering ( IPO route. This will be the first IPO from the JSW Group after the listing of JSW Energy back in 2010.
The company plans on raising Rs 2,800 crore through the IPO, sources said, adding that the proceeds will be used to retire debt as well as fund capacity expansion, people with knowledge of the matter told CNBC-TV18.
The company will use the proceeds to retire its debt as well as to fund its capacity expansion projects. JSW Infrastructure will be the third company of the JSW Group to be listed on the bourses after JSW Energy and JSW Steel.
According to sources, promoters will not be diluting their current stake, and JM Financial is the lead banker of this public issue. JSW Infrastructure has an installed cargo handling capacity of 153.43 million tonnes per annum (MTPA) for multi-commodity cargo including dry bulk, break bulk, liquid bulk, gases and containers.
As of December 31, 2022, JSW Infrastructure had a net debt of Rs 2,875 crore. The company had a profit after tax (PAT) of Rs 447.2 crore in October-December 2022-23 and Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of Rs 1,268.6 crore. Besides, the Sajjan Jindal-owned JSW Group is also into cement, paints, venture capital and sports.
JSW Infrastructure is the second largest commercial port operator in India in terms of cargo handling capacity in Fiscal 2022.
JSW Infrastructure’s port business operations have expanded from one Port Concession at Mormugao in Goa that was acquired by the JSW Group in 2002 and commenced operations in 2004, to nine Port Concessions as of December 31, 2022 across India.
The sources further said that JSW Infrastructure promoters will not be diluting their current stake. JM Financial is the lead banker of this public issue.
However, the JSW Group’s Official Spokesperson declined to comment on the matter.
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