The company had priced the issue in the range of Rs 113-119 per share
The IPO, which was a fresh equity issue of Rs 2,800 crore, was subscribed 37 times at close.
“Since the company enjoys a strong parentage of JSW Group which has a presence in various sectors in India and offers customer stickiness in the long term, we believe the IPO is reasonably priced. Also, the company has a track record of sustained revenue/EBITDA/PAT performance which grew at a CAGR of 41.2%/42.1%/62.3% during FY 2021-23 period,” said Parth Shah, Research Analyst, StoxBox.
Net proceeds from the issue will be utilised towards repayment of debt, financing capital expenditure, and other general corporate purposes.
JSW Infrastructure is the fastest growing port-related infra company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY21-23, and the second largest domestic commercial port operator by cargo handling capacity in FY23.
For the three months ended June 2023, the company’s revenue from operations jumped 7% year-on-year to Rs 878 crore, while net profit grew 68% to Rs 322 crore. Its installed cargo handling capacity in India grew at a CAGR of 15.27% from FY21-23. During the same period, the cargo volumes handled in India jumped at a CAGR of 42.76%.”In addition to partnering with JSW Group customers to pursue their growth strategies, they have diversified their customer base to include third-party customers across geographies and have expanded their cargo mix by leveraging their locational advantage and maximizing asset utilization,” Shah added.
JM Financial, Axis Capital, Credit Suisse Securities, DAM Capital Advisors, HSBC Securities, ICICI Securities, Kotak Mahindra Capital, and SBI Capital were the bankers on the issue.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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