Shares of JSW Infrastructure that were up as part of its initial public offering are being fully subscribed on Day 2. Data shows the Sajjan Jindal-owned company’s public issue has so far been subscribed 2.13 times, reports ET Infra.
Twenty-four companies have so far listed on Indian exchanges in 2023 and most of them have delivered firm returns to the respective investors.
JSW Infrastructure, a JSW Group company, launched its initial public offering on Monday and it will be up for subscription till Wednesday. This is reportedly the first public issue from the group after 13 long years.
The price band for the IPO has been set at Rs 113-119 per share.
The company aims to raise about Rs 2,800 crore from its IPO, and all of it will be a fresh issue and not an offer-for-sale.
As per reports, the proceeds from the IPO will be used to repay debts amounting to Rs 880 crore, and Rs 1,029.04 crore will be spent on expansion or upgrade works at Jaigarh Port, owned by subsidiary JSW Jaigarh Port. The company had a total consolidated debt at Rs 4,228.39 crore as of June 2023.
JSW Infrastructure was the 2nd largest commercial port operator in the country in terms of cargo handling capacity in fiscal 2022. Its international presence includes 2 terminals at Fujairah and Dibba in the UAE.
