JSW Infrastructure Raises Rs 1,260 Cr From Anchor Investors Ahead of IPO

Days before its main-board Initial Public Offering (IPO), JSW Infrastructure, a subsidiary of the JSW Group, raised Rs 1,260 crore from anchor investors on Friday. According to a circular posted on the BSE website, the company issued 10.58 crore equity shares to 65 funds at an upper-end price band of Rs 119. Among the anchor investors are the Government of Singapore, the Monetary Authority of Singapore, Morgan Stanley Investment Funds, the Max Life Insurance Company, the Bajaj Allianz Life Insurance Company, the Ask Investment Fund, the SBI Mutual Fund (MF), the HDFC MF, the ICICI Prudential MF, the UTI MF, the Sundaram MF, the Tata MF, the Nippon India MF, and the Aditya Birla Sun Life MF.

The Rs 2,800.00 crore JSW Infrastructure IPO is a book-building issue and a total of 23.53 crore shares are being issued in this new issuance. Investors may submit bids for a minimum of 126 equity shares and thereafter in multiples of 126 equity shares. Retail investors must make a minimum investment of Rs 14,994. The minimum investment lot size for small NII is 14 lots for 1,764 shares worth Rs 209,916, while it is 67 lots or 8,442 shares) amounting to Rs 1,004,598 for big NII. The public will be able to subscribe for the issuance from September 25 to 27 at a price range of Rs 113 to 119 per share. On Tuesday, October 3, 2023, the JSW Infrastructure IPO allotment is anticipated to be completed. The scheduled listing date for the JSW Infrastructure IPO is set for Friday, October 6, 2023 on the BSE and NSE.

According to the circular, Rs 880 crore of the issue's proceeds will be used to pay off debt, Rs 865.75 crore to finance the project's capital expenses for an LPG terminal, Rs 59.4 crore to set up an electric sub-station, Rs 103.88 crore to buy and install a dredger, and Rs 151.04 crore to fund the expansion at Mangalore Container Terminal. Apart from this, the funds will also be utilised for regular company requirements.

The book-running lead managers of the JSW Infrastructure IPO are Jm Financial Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd), HSBC Securities & Capital Markets Pvt Ltd, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited. Kfin Technologies Limited is the issue's registrar.

The latest GMP for the JSW Infrastructure IPO is Rs 17 as of September 23, 2023, 12:26 PM. The expected listing price for the JSW Infrastructure IPO, considering an upper price band of Rs. 119.00, is Rs. 136 (cap price plus the current GMP). As a result, according to market observers, JSW Infrastructure is anticipated to list on Friday, October 6, 2023, at a premium of 14.29% above the issue price based on the current GMP.