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JSW Infrastructure Bids for Ports, Announces IPO

Sep 20, 2023

By: BlinkX Research Team

JSW Infrastructure, the ports division of the JSW Group, has submitted bids totaling Rs 2,000 crore for the acquisition of three government-owned ports, further augmenting its capacity by 10-12%. Meanwhile, the company, ranked as the nation's second-largest commercial port operator by cargo handling, has set an IPO price range of Rs 113-119 per share for its Rs 2,800-crore offering, slated to open on September 25 and close on September 27.

Arun Maheshwari, joint MD & CEO of JSW Infrastructure, revealed that after the IPO, the company will be debt-free, offering room for growth and potential capital raises. While he didn't disclose the specific ports, Maheshwari indicated that opportunities include Haldia, Paradip, Visakhapatnam, Thoothukudi, Goa, Kandla, and JNPT.

As of FY23, JSW Infrastructure managed 158.4 million tonnes of cargo across nine ports on the eastern and western coasts. Proceeds from the IPO will be allocated towards debt repayment, LPG terminal projects, an electric sub-station, dredger installation, and expansion at Mangalore Container Terminal. The IPO is set to make JSW Infrastructure the third listed port company in India, following Adani Ports and Gujarat Pipavav Port.