JSW Infrastructure Lists on BSE, NSE: The shares of JSW Infrastructure debuted at a premium of 20.2 per cent on Tuesday. The stock was listed at Rs 143, up Rs 24 over the IPO price.
Ahead of its listing, shares of JSW Infrastructure were commanding a premium of Rs 30-33 per share in the grey market, suggesting a listing pop of about 26-28 per cent on the debut. However, its premium has almost doubled from Rs 17-18-levels on September 25, when the issue had opened for bidding.
JSW Infrastructure raised a total of Rs 2,800 crore from its primary stake sale, which was entirely a sale of fresh equity shares, offered in the fixed range of Rs 113-119 per share with a lot size of 126 shares. The JSW Group entity’s IPO could be subscribed from September 25 to September 27.
The issue was overall subscribed 37.37 times as qualified institutional bidders (QIBs) rushed to bid for the issue and their portion was booked 57.09 times. The quota set aside for non-institutional investors (NIIs) was booked 15.99 times, while allocation reserved for retail investors was subscribed a little more than 10.32 times during the bidding process.
The Sajjan Jindal-led JSW Infra provides maritime-related services. It includes logistics services, storage solutions and cargo handling. It develops and operates ports and port terminals under port concessions for a long-term- 30-50 years period. JSW Infra is the second largest commercial port operator in the country in terms of cargo handling capacity as of FY23.
The issue was managed by JM Financial, Axis Capital, ICICI Securities, Dam Capital Advisors, Credit Suisse Securities (India), HSBC Securities & Capital Markets, Kotak Mahindra Capital and SBI Capital Markets, while Kfin Technologies was the registrar for the IPO of Sajjan Jindal-led JSW Infra.
Should You Buy, Sell or Hold Post Listing on BSE, NSE?
Shivani Nyati, Head of Wealth, Swastika Investmart Ltd., said: “JSW Infrastructure, a division of the JSW Group, made its debut on the stock markets on October 3, 2023, by listing at Rs 147.45 per share, around 24% higher than its IPO price of Rs 119. The IPO was subscribed 37.37 times, which is a strong indication of investor interest. The company’s fundamentals are also strong, with consistent revenue and profit growth in recent years. Additionally, the company is well-positioned to benefit from the growing Indian economy. Overall, the listing of JSW Infrastructure was a success. The company’s strong fundamentals and good subscription levels were positive factors for this. Investors who participated in the IPO can hold on to their shares for the long term.”
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