JSW Infrastructure IPO
JSW Infrastructure IPO — date, price band, lot size & details 2023
JSW Infrastructure listed on 3 Oct 2023 at ₹143, 20.2% above the ₹119 issue price.
JSW Infrastructure is the second largest commercial port operator in India by cargo handling capacity, running ports and terminals for cargo handling, storage and logistics. Its total income was Rs 3,372.85 crore in FY2023.
Stock price
JSW Infrastructure is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 25 Sep 2023
- Close 27 Sep 2023
- Allotment 28 Sep 2023
- Refund/credit 28 Sep 2023
- Listing 03 Oct 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 25 to 27 Sep, 2023 |
|---|---|
| Price Band | ₹113 – ₹119 |
| Face Value | ₹2 |
| Lot Size | 126 Shares |
| Issue Size | ₹2800 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,994 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 126 shares at the ₹119 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 126 | ₹14,994 |
| Retail (max) | 13 | 1,638 | ₹1,94,922 |
| S-HNI (min) | 14 | 1,764 | ₹2,09,916 |
| S-HNI (max) | 66 | 8,316 | ₹9,89,604 |
| B-HNI (min) | 67 | 8,442 | ₹10,04,598 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 1,678.26 crore in FY2021 to Rs 3,372.85 crore in FY2023.
- 02Profit after tax rose from Rs 284.62 crore in FY2021 to Rs 749.51 crore in FY2023.
- 03The source puts the PAT margin at 22.22%.
- 04The whole Rs 2,800 crore issue was fresh capital, with Rs 880.00 crore for repaying debt.
- 05It had installed capacity of 158.43 MTPA across 9 port concessions in India.
Risks · 5
- 01The pre-issue P/E was 29.6 at the upper band of Rs 119, based on EPS of Rs 4.02.
- 02Total borrowing was Rs 4,243.70 crore on 31 March 2023.
- 03JSW Group companies are large customers, so a slowdown at group steel and power plants would hit cargo across its 158.43 MTPA of capacity.
- 04Port concessions come with government terms and fixed end dates, and coal and iron ore make up much of its cargo. Return on net worth was 18.80% as per the source.
- 05Promoters and the promoter group held 96.42% before the issue and 85.61% after it.
Three years of numbers
All figures in ₹ crore, as reported in the JSW Infrastructure offer document.
| Metric | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|
| Assets | 9,450.66 | 9,429.46 | 8,254.55 |
| Total Income | 3,372.85 | 2,378.74 | 1,678.26 |
| Profit After Tax | 749.51 | 330.44 | 284.62 |
| NET Worth | 3,934.64 | 3,212.13 | 2,831.18 |
| Total Borrowing | 4,243.70 | 4,408.69 | 3,945.82 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the JSW Infrastructure RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
JSW Infrastructure IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹4.02 | ₹3.57 |
| P/E Ratio (x) | 29.60 | 33.33 |
| Market Cap at Offer Price (₹ Cr) | ₹22,186.99 | ₹24,983.67 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹119 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹2,726.14 Cr of the issue is earmarked to named objects.
About the company
It develops and operates ports and port terminals under long port concessions. On 30 June 2023 it operated nine port concessions in India with installed capacity of 158.43 MTPA, and two terminals in the UAE under O&M agreements with capability of 41 MTPA.
It handles dry bulk, break bulk, liquid bulk, gases and containers, such as coal, iron ore, steel products, fertilisers, edible oil, LNG and LPG. JSW Group companies are major customers.
The IPO was Rs 2,800 crore and was entirely fresh issue. Rs 880.00 crore was planned for repaying subsidiary borrowings and Rs 1,029.04 crore for expansion works at Jaigarh Port.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
JSW Infrastructure IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
125 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
HSBC Securities & Capital Markets (India) Pvt. Ltd.
20 issues handledBest listing: Tenneco Clean Air India (+27.2%). Weakest: Nuvoco Vistas Corporation (-14.9%).
SBI Capital Markets Ltd.
70 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: Kalyan Jewellers India (-15.0%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Kotak Mahindra Capital Company Limited
93 issues handledBest listing: Premier Energies (+120.0%). Weakest: Rategain Travel Technologies (-15.3%).
Dam Capital Advisors Ltd
44 issues handledBest listing: Go Colors (+89.9%). Weakest: Metro Brands (-12.6%).
Credit Suisse Securities (India) Pvt. Ltd
10 issues handledBest listing: Zomato (+52.6%). Weakest: Star Health and Allied Insurance Company (-6.1%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Frequently asked
What is the GMP of JSW Infrastructure?
The current Grey Market Premium is ₹15, or 13% over the issue price.
What is the JSW Infrastructure IPO price band?
₹113 to ₹119, on a face value of ₹2.
When is the allotment?
The basis of allotment is 28 September 2023, with listing on 3 October 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
