The initial public offering (IPO) of JSW Infrastructure, part of the JSW Group, was subscribed 37.37 times on its final day of bidding, Wednesday. The ₹2,800-crore ($375 million) IPO received bids for a whopping 509.35 crore shares, worth approximately ₹60,609 crore ($8.1 billion), against the 13.63 crore shares on offer.
The company had set a price band of ₹113-119 per share for the IPO. Qualified institutional buyers (QIBs) showed robust interest, with their portion being subscribed 57.09 times. Non-institutional investors and retail investors also participated actively, subscribing their quotas 15.99 times and 10.32 times respectively.
Prior to the IPO on September 22, JSW Infrastructure raised ₹1,260 crore from 65 anchor investors by allotting 10.59 crore shares at ₹119 a share. International marquee investors including the Government of Singapore, Monetary Authority of Singapore, Morgan Stanley, Fullerton, HSBC Trustee, TA Global, The Master Trust Bank of Japan, Cohesion MK Best Ideas, Goldman Sachs, Theleme India Master Fund, BNP Paribas (OTC: BNPQY ) Arbitrage - ODI, and Principal Global were among those who participated in the diversified maritime ports company’s anchor book.
Domestic investors such as Abakkus, LIC Mutual Fund, SBI Mutual Fund, ICICI Prudential (LON: PRU ) Mutual Fund, HDFC Mutual Fund, Nippon Life India, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, Sundaram Mutual Fund, UTI Mutual Fund, Tata Mutual Fund, Max Life Insurance Company, Bajaj Allianz (ETR: ALVG ) Life Insurance Company and SBI General Insurance Company also took part in the anchor book.
The company plans to use the proceeds from the IPO for prepayment or repayment of certain outstanding borrowings, financing capital expenditure requirements through investment, expansion of LPG terminal and purchase and installation of dredger. In addition, JSW Infrastructure is considering inorganic opportunities to further expand its capacities, customer base, service offerings and geographical footprint. The company is also planning to set up a greenfield port in Odisha with a 52 million tonne capacity as part of its expansion strategy.
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