JSW Infra IPO attracts ₹1,260 Cr from anchor investors before launch

JSW Infra IPO attracts ₹1,260 Cr from anchor investors before launch

JSW Infrastructure Limited, under the leadership of Sajjan Jindal, announced a substantial achievement on September 22, 2023, just one day prior to the JSW Infra IPO subscription’s opening for bids. The company successfully secured ₹1,260 crore in investments from 65 anchor investors.

This remarkable feat was accomplished with the support of prestigious global investors such as the Government of Singapore, Monetary Authority of Singapore, Morgan Stanley, Fullerton, HSBC Trustee, TA Global, The Master Trust Bank of Japan, Cohesion MK Best Ideas, Goldman Sachs, Theleme India Master Fund, BNP Paribas Arbitrage – ODI, and Principal Global, who eagerly participated in the anchor book of this diversified maritime ports company.

Notably, domestic investors also showed strong interest in JSW Infrastructure Limited, with notable participants including Abakkus (owned by Sunil Singhania), LIC Mutual Fund, SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon Life India, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, Sundaram Mutual Fund, UTI Mutual Fund, Tata Mutual Fund, Max Life Insurance Company, Bajaj Allianz Life Insurance Company, and SBI General Insurance Company.

In accordance with the filing, JSW Infra has allocated 10,58,82,353 equity shares to these 65 anchor investors at an anchor investor allocation price of ₹119 per equity share.

JSW Infra’s statement read, “The IPO Committee of the Company, at their respective meetings held on September 22, 2023, in consultation with the Book Running Lead Managers to the Issue, has finalized the allocation of 105,882,353 Equity Shares to Anchor Investors at an Anchor Investor allocation price of ₹119 per Equity share.”

JSW Group’s ₹2,800-crore public issue marks its first IPO in 13 years and consists solely of fresh issues. In 2010, the Group had previously listed its energy business separately.

The price range for JSW Infra IPO, which is set to open on September 25, has been established at ₹113-119 per share, with the offer scheduled to conclude on September 27.

Additionally, it was disclosed that 11 mutual funds submitted applications through a total of 28 schemes for the acquisition of equity shares.

In accordance with the Securities Exchange Board of India regulations of 2018, anchor investors will be required to pay the difference through a specified pay-in method if the Issue Price, determined through the book-building process, exceeds the Anchor Investor allocation price.

It’s worth noting that the Sajjan Jindal Family Trust maintains a substantial 90.91% shareholding in the port-related infrastructure company. The remaining 9.08% of shares are distributed among the JSW Infrastructure Employees Welfare Trust, JSL, and Siddeshwari Tradex.

For the fiscal year ending in March FY23, JSW Infrastructure reported a remarkable 126.8% year-on-year profit growth, amounting to ₹749.5 crore, while revenue from operations surged by 40.5% to ₹3,194.7 crore during the same period. In Q1 FY24, the firm continued its upward trajectory, with net profit rising by 67.3% year-on-year to ₹322.2 crore, and revenue increasing by 7.1% to ₹878 crore.

About JSW Infra :

JSW Infrastructure Limited manages seaports and terminals, providing advanced, mechanized, and versatile cargo handling services. The company caters to a diverse clientele across India.

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