JSW Infrastructure Ltd, owned by Sajjan Jindal, a subsidiary responsible for managing the port operations of the illustrious JSW Group, is all set to make a comeback to the IPO market.
Sources close to CNBC-TV18 revealed that JSW Infra is preparing to launch its initial public offering (IPO) by the end of September, marking its first public listing in over a decade.
The next IPO is expected to be a fresh issue, with JSW Infra aiming to raise around Rs 2,900 crore. Around Rs 9.00 crore of the IPO proceeds will be spent on debt repayment, informed sources told CNBC-TV18. As on March 31, 2023, JSW Infrastructure reported net debt of Rs 2,215 crore.
According to several people familiar with the development, JSW Infra has also earmarked Rs 900 crore of the IPO proceeds for the development of a liquefied petroleum gas (LPG) terminal at Jaigarh port.
Besides, around Rs 250 crore of the IPO funds will be spent on expanding JSW’s container terminal at New Mangalore Port Trust (NMPT), sources close to the development said.
JSW Infra is expected to allocate around Rs 750 crore of the IPO proceeds towards other expansion projects. The JSW Infra IPO marks a significant milestone for the JSW Group as it is the third company under the conglomerate to be listed on the stock exchange.