JSW Infra to make market debut on Tuesday after 2 days of IPO closure

New Delhi: Shares of JSW Infrastructure, a part of the JSW Group, will make its market debut on Tuesday, listing within two trading days after completing its Initial Public Offering (IPO) last week.

The IPO of JSW Infrastructure was subscribed 37.37 times on the last day of bidding on Wednesday. The Rs 2,800-crore IPO had a price range of Rs 113-119 per share. The public issue was entirely a fresh issue of equity shares. "Trading members of the exchange are hereby informed that effective Tuesday, October 3, the equity shares of JSW Infrastructure Ltd shall be listed and admitted to dealings on the exchange in the list of 'B' group of securities," according to a BSE notice dated September 29. Equity markets are closed on Monday on account of Gandhi Jayanti.

Wires and cables manufacturer R R Kabel became the first company to debut on the Dalal Street within two days of issue closing. Capital markets regulator Sebi in August halved the timeline for listing of shares on the stock exchanges after the closure of IPOs to three days (T+3) from six days (T+6). The new listing timeframe will be voluntary for all public issues opening on or after September 1 and mandatory for all issues after December 1, 2023. Proceeds of the JSW Infrastructure issue to the tune of Rs 880 crore will be used to repay debt, Rs 865.75 crore to finance capital expenditure requirements for an LPG terminal project, Rs 59.4 crore for setting up an electric sub-station, as per a circular.

Further, Rs 103.88 crore will be used for the purchase and installation of a dredger and Rs 151.04 crore for the proposed expansion at Mangalore Container Terminal, it said. These apart, the proceeds will also be used for general corporate purposes. JSW Infrastructure, a port-related infrastructure company, provides maritime-related services, including cargo handling, storage solutions, logistics services, and other value-added services to its customers. JM Financial, Axis Capital, Credit Suisse Securities (India), DAM Capital Advisors, HSBC Securities and Capital Markets (India), ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets were the managers to the offer.