JSW Infrastructure's initial public offering (IPO) has been subscribed 8.5 times over, with bids for 1.15 crore equity shares against an issue size of 13.62 crore shares. Retail investors, high-net-worth individuals, and Qualified Institutional Buyers (QIBs) have shown significant interest in the offering.
Anchor investors including HSBC and Morgan Stanley (NYSE: MS ) have also participated in the IPO. The company aims to raise INR 2,800 crore ($370 million) at a price band of INR 113-119 per share.
The funds raised from the IPO will be utilized to reduce the company's debt by INR 880 crore ($116 million) and for expansion and upgradation at two key locations: Jaigarh Port and Mangalore (NS: MRPL ) Container Terminal.
JSW Infrastructure has demonstrated robust growth in recent years, with a compound annual growth rate (CAGR) of 62.3% in net profit and a 41% CAGR in revenue during the fiscal years 2021 to 2023.
Following the IPO, the market capitalization of JSW Infrastructure is expected to be INR 24,990 crore ($3.3 billion) at the upper price band. Trading of its equity shares is set to commence on October 6.
This event marks the first listing from the JSW Group since it listed its energy business separately in 2010.
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