BENGALURU: Shares of JSW Infrastructure, India’s No.2 commercial port operator, jumped 20.17% in pre-open trade on Tuesday, valuing the company at 300.30 billion rupees ($3.61 billion) and setting it on course to join a host of other successful domestic debutantes.
The stock was at 143 rupees in pre-open trade, compared with its initial public offer (IPO) price of 119 rupees.
JSW Infra is part of the billionaire Sajjan Jindal-led JSW Group and is the first business of the steel-to-software conglomerate to go public since JSW Energy in 2010.
The company raised 28 billion rupees by selling fresh shares. JSW Group did not sell any shares.
The company is set to follow a host of successful debutantes in the past few months — ranging from cable maker RR Kabel to Concord Biotech — helped by robust investor appetite that has also powered the blue-chip stock market index to a record high.
So far this year, 227 Indian companies have gone public, raising $6.62 billion, compared with 172 companies that raised $10.53 billion in the same period last year, according to LSEG data.
JSW Infra’s profit more than doubled to 7.50 billion rupees in fiscal 2023, while its revenue jumped about 41% to 31.95 billion rupees, according to its IPO prospectus.
The company plans to use the IPO proceeds to fund expansion projects and repay debt, which was 22.16 billion rupees as of March 31.
JSW Infra aims to nearly double its operational capacity to 300 million tonnes per annum (MTPA) by 2030, but that would still trail Adani Ports’s current capacity of about 558 MMTPA.
Adani Ports, a listed unit of billionaire Gautam Adani’s namesake conglomerate, has a market value of about 1.78 trillion rupees.
Axis Capital, Credit Suisse Securities (India) and Kotak Mahindra Capital were among the lead managers for the IPO. ($1 = 83.1840 Indian rupees)
The stock was at 143 rupees in pre-open trade, compared with its initial public offer (IPO) price of 119 rupees.
JSW Infra is part of the billionaire Sajjan Jindal-led JSW Group and is the first business of the steel-to-software conglomerate to go public since JSW Energy in 2010.
The company raised 28 billion rupees by selling fresh shares. JSW Group did not sell any shares.
The company is set to follow a host of successful debutantes in the past few months — ranging from cable maker RR Kabel to Concord Biotech — helped by robust investor appetite that has also powered the blue-chip stock market index to a record high.
So far this year, 227 Indian companies have gone public, raising $6.62 billion, compared with 172 companies that raised $10.53 billion in the same period last year, according to LSEG data.
JSW Infra’s profit more than doubled to 7.50 billion rupees in fiscal 2023, while its revenue jumped about 41% to 31.95 billion rupees, according to its IPO prospectus.
The company plans to use the IPO proceeds to fund expansion projects and repay debt, which was 22.16 billion rupees as of March 31.
JSW Infra aims to nearly double its operational capacity to 300 million tonnes per annum (MTPA) by 2030, but that would still trail Adani Ports’s current capacity of about 558 MMTPA.
Adani Ports, a listed unit of billionaire Gautam Adani’s namesake conglomerate, has a market value of about 1.78 trillion rupees.
Axis Capital, Credit Suisse Securities (India) and Kotak Mahindra Capital were among the lead managers for the IPO. ($1 = 83.1840 Indian rupees)