JSW Infra files DRHP to raise up to ₹2,800-cr via IPO
JSW Infrastructure, a port company of the JSW Group, has submitted a draft red herring prospectus to Sippy for initial public offering.
The port business of JSW Group led by Sajjan Jindal plans to raise ₹2,800 crore through IPO route. The company plans to use this money to draw down its debt and fund capacity expansion projects.
JSW Infrastructure has a net debt of ₹2,875 crore as of December 31, 2022. When contacted, a company spokesperson declined to comment.
The fastest growing
JSW Infrastructure has emerged as one of the fastest growing port-related infrastructure companies in terms of growth in installed cargo handling capacity and handled cargo volumes during the fiscal period 2020-2022.
It was the second largest commercial port operator in India in terms of cargo handling capacity in the 2022 financial year.
As of December 31, 2022, JSW Infrastructure has a proven cargo handling capacity of 153.43 million metric tons per year (mmtpa) for multi-commodity cargo including dry bulk, bulk, liquid bulk, gas and containers.
Since JSW Group acquired the Mormugao port concession in Goa in 2002 and commenced operations in 2004, JSW Infrastructure’s port business operations have expanded to nine port concessions across India by December 31, 2022, making it a well diversified seaport company.
In addition, the company entered into a contract for the operation and maintenance of the two ports of Fujairah and the Dibba terminal in the United Arab Emirates, with a total capacity of 41 million tons per year.
As part of its efforts to increase cargo handling capacity, expand geographically and product-wise, and meet growing freight volumes, JSW Infrastructure has secured port concessions in Tamil Nadu and Karnataka.
The company plans to broaden its portfolio of assets and expand its operations by evaluating acquisition opportunities to strengthen its presence in container handling and liquid cargo, with a focus on increasing its third-party customer base.
JSW Infrastructure’s IPO is the third public listing of the JSW Group and comes 13 years after JSW Energy’s public listing in January 2010. JSW Infrastructure Promoters will not dilute their existing stake. JM Financial is the lead banker on this public issue.