JSW Infrastructure, one of India’s leading commercial port operators, is set to make its stock market debut on October 3. The company’s initial public offering (IPO) received an overwhelming response from investors, indicating strong demand for its shares. With robust subscription numbers and a promising business outlook, JSW Infrastructure shares are expected to debut with a significant premium on stock exchanges.
The IPO listing of JSW Infrastructure will follow the T+2 timeline, which means it will occur two working days after the IPO closing date. While the Securities and Exchange Board of India (SEBI) introduced a new T+3 timeline for IPO listings, it remains voluntary for companies until December 1, 2023.
JSW Infrastructure’s IPO, which ran from September 25 to September 27, garnered substantial interest from investors. The total subscription was 37.37 times the offering size. Retail investors showed strong enthusiasm with a subscription rate of 10.32 times, while Qualified Institutional Buyers (QIBs) subscribed 57.09 times their allotted quota. Non-Institutional Investors (NIIs) also demonstrated significant interest by subscribing 15.99 times their designated portion.
The shares of JSW Infrastructure will be listed on both the BSE and NSE on October 3. Considering the high demand from investors and the current grey market premium (GMP) of ₹31 per share, JSW Infrastructure shares are anticipated to debut with a listing premium ranging from 20% to 26%.
The GMP reflects a listing price of ₹150 per share, indicating a 26% premium over the issue price. JSW Infrastructure offered its IPO at a price band of ₹113 to ₹119 per share, with a minimum lot size of 126 shares.
JSW Infrastructure’s IPO was a fresh issue of 23.53 crore shares with a total issue size of ₹2,800 crore. The company has been the fastest-growing player in port-related infrastructure, boasting impressive growth in installed cargo handling capacity and cargo volumes from Fiscal 2021 to Fiscal 2023. In Fiscal 2023, it became the second-largest commercial port operator in India based on cargo handling capacity.
JM Financial, Axis Capital, Credit Suisse Securities (India), Dam Capital Advisors Ltd, Hsbc Securities & Capital Markets Pvt Ltd, ICICI Securities, Kotak Mahindra Capital Company, and SBI Capital Markets Limited are the book running lead managers for the JSW Infrastructure IPO, while Kfin Technologies Limited is the IPO registrar. With its strong market debut, JSW Infrastructure aims to leverage its position in India’s growing port infrastructure sector.