JSW Infrastructure IPO subscribed 43 pc on Day 1 of offer

The Initial Public Offering (IPO) of JSW Infrastructure, a part of the JSW Group, was subscribed 43 per cent on the first day of subscription on Monday. The initial share sale received bids for 5,82,62,148 shares against 13,62,83,186 shares on offer, according to NSE data. The category for retail individual investors was subscribed 1.38 times while the quota for non-institutional investors received 60 per cent subscription. The portion for Qualified Institutional Buyers (QIBs) got 3 per cent subscription.

The IPO of up to Rs 2,800 crore is in a price range of Rs 113-119 a share. The public issue is entirely a fresh issue of equity shares. JSW Infrastructure on Friday collected Rs 1,260 crore from anchor investors.

Proceeds of the 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 the 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 are the managers to the offer.