JSW Infrastructure, the ports unit of Indian steel tycoon Sajjan Jindal-led conglomerate JSW Group, is looking to raise up to $336m through an initial public offering scheduled for later this month.
The IPO of India’s second-largest port operator in terms of cargo handling capacity will open on September 25 for subscription and close on September 27.
Net proceeds from the issue will, among other things, be used to repay the company’s outstanding borrowings, Jaigarh port expansion, investment in an LPG terminal project, and finance the proposed expansion at Mangalore container terminal.
JSW Infrastructure has grown to become India’s fastest-growing port-related infrastructure firm in terms of growth by capacity and cargo volumes handled. The company’s business operations expanded from one port concession at Mormugao Port Trust in Goa, acquired by JSW in 2002 and started operations in 2004, to nine port concessions across the eastern and western coast of India, with a handling capacity of about 158.4m tonnes per year for multi-commodity cargo.
