JSW Infrastructure
Book Building issueMainboard₹2,800 Cr issue
+20.17%
Listing gain over issue price
Issue size
₹2,800 Cr
1 lot at cut-off
₹14,994
Lot size
126shares
Open
25 Sep 2023
Close
27 Sep 2023
Allotment
28 Sep 2023
Listing
03 Oct 2023
Listing performance
Issue price
₹119
Listed at
₹143
Listing-day close
₹157.30
Latest price
₹316
Close on 23 Oct 2026
Listing gain
+20.17%
Return since issue
+165.55%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Sep 2023 – 27 Sep 2023
- Listing date
- 03 Oct 2023
- Face value
- ₹2 per share
- Issue price
- ₹119 per share
- Lot size
- 126 shares
- Issue type
- Book Building issue
- Total issue size
- ₹2,800 Cr
- Market cap at offer price
- ₹24,990 Cr
- Promoter holding
- 96.42% → 85.61% pre-issue → post-issue
- ISIN
- INE880J01026
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- JSW Centre, Bandra Kurla Complex Bandra (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,58,82,352 | — | — |
Application size
Minimum 126 shares per lot, in multiples, at ₹119
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
10,58,82,352
Anchor portion
₹1,260 Cr
at ₹119 per share
Valuation and performance
Valuation at offer price
₹119 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.12 | — |
| P/E (×) | 28.88 | — |
| Market cap | — | ₹24,990 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 18.80%
- ROCE
- 19.49%
- PAT margin
- 22.22%
- NAV per share
- ₹21.88
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About JSW Infrastructure
JSW Infrastructure Limited, incorporated in 2006, is a port-related infrastructure company that operates nine Port Concessions in India with an installed cargo handling capacity of 158.43 MTPA as of June 30, 2023, and two port terminals under O&M agreements in the UAE with a cargo handling capability of 41 MTPA. The company handles diverse cargo types including coal, iron ore, containers, and liquid/gas products through its portfolio of operational and development stage port terminals at Jaigarh, Paradip, Mangalore, Ennore, Goa (Mormugao), and Dharamtar. The company generates revenue from cargo handling, storage, and value-added services, with approximately 51% of revenue from related-party JSW Group customers as of Fiscal 2023.
Company Analysis
from RHPJSW Infrastructure Limited is the second-largest commercial port operator in India by cargo handling capacity, operating port terminals and infrastructure across India and the UAE.
JSW Infrastructure Limited, incorporated in 2006, is a port-related infrastructure company that operates nine Port Concessions in India with an installed cargo handling capacity of 158.43 MTPA as of June 30, 2023, and two port terminals under O&M agreements in the UAE with a cargo handling capability of 41 MTPA. The company handles diverse cargo types including coal, iron ore, containers, and liquid/gas products through its portfolio of operational and development stage port terminals at Jaigarh, Paradip, Mangalore, Ennore, Goa (Mormugao), and Dharamtar. The company generates revenue from cargo handling, storage, and value-added services, with approximately 51% of revenue from related-party JSW Group customers as of Fiscal 2023.
port infrastructurecargo handlingmaritime logisticsport development and operations
Objects of the Issue
- Prepayment or repayment, in full or part, of all or a portion of certain outstanding borrowings through investment in wholly owned Subsidiaries, JSW Dharamtar Port Private Limited and JSW Jaigarh Port Limited ₹8,800.00 million p.26
- Financing capital expenditure for expansion of LPG Terminal Project at Jaigarh Port ₹8,657.51 million p.26
- Financing capital expenditure for setting up an electric sub-station at Jaigarh Port ₹594.00 million p.26
- Financing capital expenditure for purchase and installation of dredger at Jaigarh Port ₹1,038.84 million p.26
- Financing capital expenditure for proposed expansion at Mangalore Container Terminal ₹1,510.49 million p.26
- General corporate purposes p.27
- Prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings through investment in wholly owned Subsidiaries JSW Dharamtar Port Private Limited and JSW Jaigarh Port Limited p.68
- Financing capital expenditure requirements through investment in wholly owned Subsidiary JSW Jaigarh Port Limited for proposed expansion/upgradation works at Jaigarh Port including: (a) expansion of LPG terminal; (b) setting up an electric sub-station; (c) purchase and installation of dredger p.68
- Financing capital expenditure requirements through investment in wholly owned Subsidiary JSW Mangalore Container Terminal Private Limited for proposed expansion at Mangalore Container Terminal p.68
- General corporate purposes p.68
- Prepayment or repayment, in full or part, of all or a portion of certain outstanding borrowings through investment in our wholly owned Subsidiaries, JSW Dharamtar Port Private Limited and JSW Jaigarh Port Limited ₹8,800.00 million p.119
- Financing capital expenditure requirements for expansion of LPG terminal at Jaigarh Port ₹8,657.51 million p.122
- Setting up an electric sub-station at Jaigarh Port ₹594.00 million p.128
- Purchase and installation of dredger at Jaigarh Port ₹1,038.84 million p.129
- Financing capital expenditure requirements for expansion at Mangalore Container Terminal ₹1,510.49 million p.130
- General corporate purposes [●] p.133
- Funding capacity expansion at Jaigarh Port by developing a terminal with proposed capacity of up to 2 MTPA for handling LPG, propane, butane and similar products p.202
- Not specified in this document part - this is a financial notes section
- To fund capital expenditures and working capital requirements p.449
Issue Structure
- Total Issue
- Up to ₹28,000 million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹28,000 million
- Offer for Sale
- Not applicable
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹2 each
Business Model
The company operates under concession and license agreements with state maritime boards and major port trusts/authorities, earning revenue through cargo handling fees, storage charges, and value-added services. It charges royalty/revenue share to concessioning authorities and generates a portion of revenue through related-party transactions with JSW Group entities.
Business Segments
Operates nine port concessions with cargo handling of iron ore, coal, containers, and other bulk/break bulk cargo
Operates two port terminals under O&M agreements for cargo handling capability
Cargo handling and port operations including Jaigarh Port, Dharamtar Port, and other west coast terminals
Cargo handling operations at east coast terminals including Ennore Coal Terminal, Ennore Bulk Terminal, and Mangalore Coal Terminal
O&M services at Fujairah Sea Port and Dibba Terminal in the UAE
Multi-purpose, all-weather deep-draft port located in Ratnagiri district, Maharashtra, operating seven berths with capacity to handle LNG, LPG, molasses, sugar, steel, coal, containers and other general cargo. The port has a draft of 17.5 meters, one of the deepest in India.
Port facility being expanded with four additional berths to increase capacity for cargo handling operations.
Container terminal operating under a 30-year concession at New Mangalore Port on a Design-Build-Finance-Operate-Transfer (DBFOT) basis, handling containers and other cargoes with current capacity of 4.2 MTPA including 0.64 MTPA for bulk cargo.
Multi-purpose, all-weather port handling LNG, LPG, molasses, sugar, steel coil, bauxite, fly ash, coal, iron ore, limestone, fertilizers, coated pipes, rock phosphate, sulphur, containers, gypsum, and edible oil. Houses India's first FSRU-based LNG terminal. Capacity of 55 MTPA.
All-weather riverine captive facility handling bulk and break-bulk cargo including iron bearing raw material, coal bearing raw material, fluxes, clinker, cement, HR coil, sheets, CR coils, other steel products and slag. Capacity of 34 MTPA.
All-weather terminal handling coal, steel, limestone and other dry bulk. Capacity of 8.50 MTPA.
Strategically located terminal handling iron ore and pellets with capacity of 10 MTPA, accessing hinterlands of Odisha, Chhattisgarh and Jharkhand.
Deep draft terminal handling coal with capacity of 30 MTPA, developed for exporting/coastal movement of domestic coal from Mahanadi Coal Fields.
Modern all-weather container terminal with capacity of 4.20 MTPA (including 0.64 MTPA for bulk cargo), handling containers and other cargos.
Modern all-weather terminal handling coal, limestone, and dolomite with capacity of 6.73 MTPA, serving power plants in Karnataka and Tamil Nadu hinterland.
Mechanized coal terminal with capacity of 8.0 MTPA handling coal.
Mechanized terminal handling dry bulk cargo (clean cargo other than coal, iron ore, POL and automobile units) with capacity of 2.0 MTPA.
Constructing, installing and operating berth, terminals, ports and container freight stations. Handles bulk, general, and containerized cargo at a multi-port facility at Dhamankhol Bay, Jaigarh, Ratnagiri, Maharashtra. Commissioned a liquefied natural gas terminal.
Constructing, installing and operating berth, terminals, ports and container freight stations at Dharamtar jetty, Maharashtra. Capacity enhanced to 34.00 metric tonnes per annum with fully mechanized cargo handling system.
Constructing, installing and operating berth, terminals, ports and container freight stations at Mormugao Harbour, Goa.
Constructing, installing, operating berths, terminals, ports and container freight stations for handling iron ore and coal exports at Paradip Port, Odisha.
Developing, operating, handling and maintaining the container terminal at berth no. 14 on design, build, finance, operate and transfer basis for handling containers and other clean cargo at New Mangalore Port.
Establishing, maintaining and operating shipping transport services and container cargos in port sector for coal and bulk cargo handling at Ennore.
Cargo handling and maintenance services at the port of Fujairah, UAE, including operations and maintenance of a mechanized bulk handling terminal at Dibba Port.
Development, operation and maintenance of port infrastructure including cargo handling and storage services
Ship building and repair operations
Railway network development
Provides cargo handling, berth hire, wharfage, and storage services across multiple port terminals
Operates coal terminal facilities including Ennore Coal Terminal and Mangalore Coal Terminal
Operates container terminal facilities at multiple ports
Port operations and cargo handling
Port terminals for coal and iron ore handling
Port operations and cargo handling
Coal terminal and bulk terminal operations
Operating ports and port terminals for cargo handling, berth operations, storage, and maritime services
SWOT Analysis
Strengths
- • Fastest growing port operator by installed capacity and cargo volumes (FY2021-FY2023)(p.26)
- • Substantial installed capacity across multiple ports and terminals(p.26)
- • Strong revenue growth trajectory(p.27)
- • Significant operational and financial growth trajectory(p.49)
- • Diversified port operations across geographies and cargo types(p.57)
- • Long-term customer contracts with take-or-pay provisions(p.51)
- • Substantial installed capacity with capacity utilization growth(p.60)
- • Strategic positioning on west coast with major customer concentration(p.56)
- • Fastest growing port-related infrastructure operator in India(p.139)
- • Strategic port locations near JSW Group customers and industrial clusters with multi-modal infrastructure(p.139)
- • Predictable revenues from long-term concessions and committed cargo(p.139)
- • Diversified cargo profile across geography and assets(p.139)
- • Proven project execution and operational capabilities(p.139)
- • Strong financial metrics with growing margins and returns(p.139)
- • Benefit from JSW Group backing and qualified management(p.139)
- • Deep draft port at Jaigarh (17.5m), among deepest in India(p.122)
- • Fastest growing port operator by cargo volume and capacity growth FY2021-FY2023(p.191)
- • Strong strategic location proximity to JSW Group customers and industrial clusters with multi-modal evacuation(p.194)
- • Long-term revenue visibility from concessions (25-50 years) with WPI-linked tariff escalations(p.196)
- • Diversified cargo portfolio reducing single-commodity dependence(p.197)
- • Strong financial metrics with consistent revenue, EBITDA and PAT growth(p.200)
- • Take-or-pay contracts with JSW Group providing revenue certainty(p.196)
- • Deep-draft ports enabling large vessel operations(p.194)
- • Experienced senior management with extensive industry background(p.282)
- • Diversified port infrastructure portfolio across multiple locations and cargo types(p.311)
- • Strong financial position with substantial asset base and operational cash generation(p.305)
- • Majority ownership and control by established Sajjan Jindal Family Trust(p.284)
- • Largest commercial port operator by capacity in India(p.418)
- • High-capacity utilization and long-term revenue visibility(p.419)
- • Diversified customer base with stable, long-term contracts(p.419)
- • Strategic geographic presence across major cargo corridors(p.419)
- • Strong growth in cargo volumes handled(p.418)
- • Multi-modal evacuation infrastructure enabling competitive advantage(p.419)
- • Strong profitability metrics with high EBITDA margins(p.412)
- • Growing third-party customer base demonstrating market opportunity(p.419)
- • Strong cash generation and liquidity position(p.449)
- • Significantly improved profitability and margins(p.440)
- • High operating margin from established ports(p.455)
- • Strategic assets with long-term concessions(p.444)
- • Strong cargo volume growth and diversified portfolio(p.440)
Weaknesses
- • Dependence on few cargo types, particularly coal and iron ore(p.37)
- • Significant losses in multiple subsidiaries(p.38)
- • Heavy dependence on related party transactions with JSW Group(p.29)
- • Substantial debt burden limiting operational flexibility(p.43)
- • Failure to meet debt covenant in the past(p.44)
- • Do not own the JSW trademark and brand(p.44)
- • Heavy dependence on top 5 customers representing 54.21% of revenue(p.50)
- • Related party customer concentration creating conflict of interest(p.50)
- • High concentration of operations on west coast (Maharashtra)(p.57)
- • Time and cost overruns in project execution(p.49)
- • Dependence on sub-contractors for project execution(p.63)
- • Limited concession periods without renewal options(p.55)
- • Lease arrangements dependent on landlord entities(p.53)
- • Dependence on related party customers (JSW Group entities)(p.139)
- • High leverage with net debt of ₹22,157.54 million as of June 30, 2023(p.119)
- • 83.87% of LPG Terminal Project capex remains to be ordered(p.134)
- • 68.66% of Mangalore Container Project capex remains to be ordered(p.134)
- • Project costs not appraised by independent financial institutions(p.123)
- • Environmental clearance subject to outcome of litigation(p.127)
- • High dependence on JSW Group Customers for majority of cargo(p.211)
- • Dharamtar Port lease renewal pending with possible early expiration(p.216)
- • South West Port license expiration dispute ongoing via arbitration(p.217)
- • Significant leverage with Net Debt/Equity of 0.54 as of March 31, 2023(p.201)
- • Concentration of capacity on west coast (65.37% of cargo handled in FY2023)(p.198)
- • Significant debt burden requiring ongoing servicing(p.305)
- • Capital work-in-progress substantially delayed and suspended(p.335)
- • Concentration of non-controlling interests in certain subsidiaries creates governance complexity(p.311)
- • Pending freehold land title transfers affecting asset ownership clarity(p.335)
- • Heavy dependence on JSW Group customers for revenue(p.422)
- • Significant foreign exchange exposure on USD debt(p.391)
- • High leverage and significant debt servicing obligations(p.424)
- • Material foreign exchange losses impact on profitability(p.439)
- • Concentration of largest port asset (Jaigarh Port) in one location(p.420)
- • Significant escalating royalty obligations at Jaigarh Port(p.420)
- • Substantial indebtedness requiring significant cash outflows(p.452)
- • High dependence on JSW Group customers(p.460)
- • Litigation risk affecting environmental clearances(p.479)
- • Pending enforcement action on foreign investment compliance(p.466)
Opportunities
- • Growing port traffic and capacity expansion targets in India(p.26)
- • Positive outlook for customer industries(p.26)
- • Expansion of LPG terminal and other capacity enhancements(p.26)
- • Container terminal expansion at Mangalore(p.26)
- • Expansion strategy through greenfield and brownfield projects(p.49)
- • Growth opportunities in new Indian markets through government tenders(p.49)
- • Organic and inorganic growth through acquisitions(p.53)
- • Government infrastructure development initiatives(p.67)
- • Expansion of LPG terminal with 2 MTPA capacity for growing LPG demand(p.122)
- • Mangalore Container Terminal expansion to 6.02 MTPA, providing 119,574 TEU growth opportunity(p.130)
- • India's GDP growth of 6.6% expected between Fiscal 2024-2026, above global average(p.154)
- • Port traffic expected to grow 3-6% over Fiscal 2024-2028(p.163)
- • Non-major port share increasing due to better efficiencies vs major ports(p.163)
- • Container traffic expected to grow 4-7% in Fiscal 2024(p.163)
- • India's export share in global trade increasing, creating logistics opportunities(p.155)
- • Sagarmala initiative targeting port capacity expansion to 3,300 MTPA by 2025(p.158)
- • Expansion to 300 MTPA capacity by 2030 via greenfield and brownfield projects(p.202)
- • India positioned as fastest growing major economy FY2024-2026(p.202)
- • Port traffic expected to grow 3-6% FY2024-2028(p.202)
- • Jatadhar port project to cater to JSW Steel's 13.2 MTPA integrated steel plant(p.223)
- • LPG terminal expansion at Jaigarh Port with proposed 2 MTPA capacity(p.214)
- • Pursuing PPP opportunities at Major Ports(p.202)
- • Expansion of port terminal capacity and cargo handling services(p.335)
- • Development of complementary rail and logistics infrastructure(p.311)
- • Growth in multi-modal and value-added services at existing ports(p.319)
- • Potential for capital structure optimization through equity issuance (IPO)(p.300)
- • Strong India growth trajectory supporting port traffic expansion(p.419)
- • Expansion through greenfield projects and inorganic growth(p.419)
- • New port development to serve JSW Steel's Odisha steel facility(p.419)
- • Increasing diversification of third-party customer base(p.419)
- • Capacity utilization improvements with existing assets(p.423)
- • Participation in PPP opportunities at Major Ports(p.423)
- • UAE operations expansion with additional terminal agreements(p.418)
- • Expansion through new port concessions and capacity enhancement(p.444)
- • Capacity expansion approved for SWPL terminal(p.473)
- • Growing domestic cargo volumes and trade activity(p.440)
Threats
- • Breach of concession agreement terms could lead to termination(p.36)
- • Environmental clearance for capacity enhancement challenged in litigation(p.39)
- • Adverse credit rating changes may affect fundraising ability(p.41)
- • Outstanding litigation affecting operations(p.29)
- • Risk of customer defaults on receivables(p.47)
- • First public issue carries market pricing uncertainty(p.22)
- • Regulatory changes and stringent environmental compliance requirements(p.49)
- • Environmental regulation compliance costs and penalties(p.49)
- • Disruptions at interconnected ports affecting operations(p.57)
- • External competition from other ports and logistics providers(p.66)
- • Volatility in foreign exchange rates affecting foreign currency revenue(p.57)
- • Disruptions in electricity and fuel supply(p.61)
- • Seasonal cargo volume variations during monsoon(p.69)
- • Limited railway connectivity for cargo evacuation(p.65)
- • Macroeconomic risks including inflation and interest rate volatility(p.70)
- • Global economic slowdown impacting export/import volumes(p.162)
- • Intense competition from 12 major and ~217 non-major ports in India(p.162)
- • Government export/import restrictions on key commodities(p.162)
- • Environmental and regulatory risks affecting port operations(p.162)
- • Natural disasters (cyclones) causing operational disruption(p.162)
- • Container traffic growth expected to be modest at 4-7% in Fiscal 2024(p.163)
- • Coal imports expected to moderate due to domestic production increases(p.165)
- • Regulatory delays in obtaining approvals for LPG Terminal Project(p.127)
- • Coal traffic expected to grow only 2-7% in FY2024 (coal largest cargo at 29% of FY2023 volume)(p.202)
- • POL traffic growth subdued at 2-5% due to moderation in consumption(p.202)
- • Container traffic muted growth of 3% in FY2023 from macroeconomic headwinds(p.172)
- • Port utilization expected to remain range-bound at 54-58% over next 5 years(p.174)
- • Regulatory framework changes affecting tariff setting for major ports terminals(p.180)
- • Iron ore imports peaked in FY2023; expected to decelerate in FY2024 due to coal substitution(p.170)
- • Dependence on port industry cyclicality and cargo volumes(p.311)
- • Foreign exchange exposure from foreign subsidiary operations(p.311)
- • Regulatory and concessional agreement dependence for port operations(p.317)
- • Lease obligation commitments with long-term capital intensity(p.305)
- • Dependence on Indian economic growth and seaborne trade volumes(p.420)
- • Competition from existing and new ports in India(p.420)
- • Foreign exchange volatility affecting USD-denominated debt(p.391)
- • Interest rate risk on floating rate borrowings(p.393)
- • Monsoon dependency and seasonal cargo fluctuations(p.420)
- • Changes in government policies and regulatory framework(p.420)
- • Exposure to global shipping industry consolidation and changes(p.420)
- • Significant environmental and regulatory litigation affecting operations(p.473)
- • Business seasonality and monsoon volatility(p.460)
- • Foreign exchange exposure on USD debt(p.457)
- • Regulatory and competition risks in port sector(p.459)
- • Royalty payment obligations with regulatory variability(p.441)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sajjan Jindal Family Trust | Promoter | 90.91% | — |
| Sajjan Jindal | Individual Promoter and Managing Trustee | — | — |
| Sajjan Jindal Family Trust | Promoter | 90.91% | — |
| JSL Limited | Promoter Group | 2.75% | — |
| Siddeshwari Tradex Private Limited | Promoter Group | 2.75% | — |
| Sajjan Jindal Family Trust | Promoter | 90.91% | [●] |
| JSL Limited | Promoter Group | 2.75% | [●] |
| Siddeshwari Tradex Private Limited | Promoter Group | 2.75% | [●] |
| JSW Group entities and Sajjan Jindal | Promoter/Promoter Group | — | — |
| Sajjan Jindal | Individual Promoter | — | — |
| Sajjan Jindal Family Trust | Promoter | — | — |
| Sajjan Jindal Family Trust | Promoter | 90.91% | — |
| Sajjan Jindal | Promoter | — | — |
| Sajjan Jindal Family Trust | Holding Entity / Promoter | 93.07% | 90.91% |
| Sajjan Jindal | Individual Promoter | — | — |
Leadership
Sajjan Jindal · Chairman and Non-Executive Director
Arun Sitaram Maheshwari · Joint Managing Director and Chief Executive Officer
Lalit Chandanmal Singhvi · Chief Financial Officer and Whole-time Director
Nirmal Kumar Jain · Vice Chairman and Independent Director
Gazal Qureshi · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
JSW Infrastructure IPO FAQs
What is the lot size of JSW Infrastructure IPO?
The minimum lot size of JSW Infrastructure IPO is 126 shares. One lot costs ₹14,994 at the cut-off price.
When does JSW Infrastructure IPO open and close?
JSW Infrastructure IPO opened for subscription on 25 Sep 2023 and closed on 27 Sep 2023.
What is the listing date of JSW Infrastructure IPO?
JSW Infrastructure IPO listed on 03 Oct 2023.