Sajjan Jindal-promoted qualified institutional placement (QIP) received bids worth over ₹50,350 crore, nearly seven times the indicative issue size of up to ₹7,503 crore, according to merchant bankers handling the issue.
The QIP, launched on June 22, witnessed strong participation from leading domestic and global institutional investors, suggesting robust appetite for the country’s ports and logistics infrastructure story.
The company planned to raise up to ₹7,502.7 crore through a QIP of 23 crore fresh equity shares, alongside an offer for sale (OFS) of 3.32 crore shares by the promoter. At the floor price of ₹285 per share, the fresh issue is valued at ₹6,555 crore and the OFS at ₹947.7 crore.
The shares were offered at a floor price of ₹285 apiece, representing a 7.2 per cent discount to the company’s June 22 closing price of ₹307.25 on the BSE.
According to merchant bankers, the company plans to utilise the proceeds from the fresh issue to fund greenfield port expansions, pursue strategic acquisitions and reduce debt.
The strong investor response suggests confidence in the company’s long-term growth strategy as it aims to expand its cargo-handling capacity to 400 million tonnes per annum (MTPA) by FY30, while transforming into an integrated logistics solutions provider.
JSW Infrastructure is India’s second-largest private commercial port operator and is expanding its multimodal logistics network by strengthening rail connectivity, inland container depots (ICDs), multimodal logistics parks and coastal logistics capabilities.
According to its latest investor presentation, JSW Infrastructure has guided for port business revenue of ₹8,000 crore and EBITDA or operating profit of ₹4,300 crore by FY28, while its logistics business is expected to generate revenue of ₹2,800 crore and EBITDA of ₹700 crore.
The company has earmarked around ₹9,000 crore in capital expenditure between FY25 and FY30 to support its expansion plans.
Shares of JSW Infra were trading 2.69 per cent down at ₹329.20 apiece on the BSE.