JSW Infrastructure Makes Strong Debut on Indian Stock Market

JSW Infrastructure, India’s second-largest commercial port operator, experienced a remarkable debut on the Indian stock market, with its shares surging by as much as 32.2% on the first day of trading. The successful listing adds to a series of prosperous market debuts in recent months, reflecting the robust investor appetite in the country.

The stock, which had an initial public offer price of 119 rupees, opened higher at 143 rupees and reached a high of 157.3 rupees during the session. This surge in share price resulted in a market valuation of 330.33 billion rupees ($3.97 billion) for JSW Infrastructure. The company’s listing success can be attributed to its strong fundamentals, consistent revenue and profit growth, and good subscription levels, according to Shivani Nyati, head of wealth at Swastika Investmart.

JSW Infrastructure, a part of the renowned JSW Group led by billionaire Sajjan Jindal, operates ports and port terminals across India, providing a range of maritime-related services including cargo handling, storage, and logistics. The company’s profit more than doubled in fiscal 2023, while its revenue from operations witnessed a significant jump of about 41%, as stated in the prospectus. With plans to expand its operational capacity to 300 million tonnes per annum (MTPA) by 2030, JSW Infrastructure is poised for further growth.

The successful listing of JSW Infrastructure follows a trend of Indian companies going public this year. So far, 277 Indian companies have raised $6.62 billion through IPOs, compared to 172 companies that raised $10.53 billion in the same period last year, as per LSEG data. This surge in IPO activity reflects the strong investor confidence in the Indian market.

JSW Infra raised 28 billion rupees through the sale of fresh shares, with Sajjan Jindal, his family trust, and members of the promoter group holding an 85.61% stake in the company. The listing of JSW Infrastructure marks the first business from the JSW Group to go public since JSW Energy in 2010.

With its impressive market debut, JSW Infrastructure joins the ranks of successful domestic market debuts this year, showcasing the potential of India’s growing economy and the attractiveness of its capital markets.