JSW Infrastructure files draft papers; eyes ₹2,800 cr via IPO

Sajjan Jindal-owned JSW Infrastructure has filed preliminary papers with capital markets regulator Sebi to raise up to Rs 2,800 crore through an initial public offering (IPO) to retire debt and support its expansion plans. JSW Infrastructure will be the third company of the JSW Group to be listed on the bourses after JSW Energy and JSW Steel.

The ports business of the JSW Group filed the DRHP on May 9.

Going by the draft papers, the IPO is purely a fresh issue of equity shares with no offer-for-sale (OFS) component, and the promoters will not be diluting their current stake through the issue.

The company will use the proceeds to retire its debt as well as to fund its capacity expansion projects, as per the draft red herring prospectus (DRHP).

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.

JM Financial Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, DAM Capital Advisors Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited are the book running lead managers.

The equity shares are proposed to be listed on BSE and NSE.

Besides, the Sajjan Jindal-owned JSW Group is also into cement, paints, venture capital and sports.

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