JSW Infrastructure Makes Strong Debut on Stock Market, Valued at $3.97 Billion

Shares of JSW Infrastructure, India’s second-largest commercial port operator, experienced a remarkable first day of trading on Tuesday, with a surge of up to 31.4%. This surge in share price valued the company at a significant 330.33 billion rupees ($3.97 billion). JSW Infrastructure, a part of the renowned JSW Group led by billionaire Sajjan Jindal, became the conglomerate’s first business to go public since JSW Energy in 2010.

The successful debut of JSW Infrastructure follows a series of other thriving IPOs in recent months, including RR Kabel and Concord Biotech. The robust investor appetite in the market has also propelled the blue-chip stock market index to a record high. In 2023 alone, 277 Indian companies have gone public, raising $6.62 billion, compared to 172 companies that raised $10.53 billion in the same period last year, according to LSEG data.

JSW Infra raised 28 billion rupees through the sale of fresh shares, with Jindal, his family trust, and members of the promoter group holding an 85.61% stake in the company. The company’s fiscal 2023 profit more than doubled to 7.50 billion rupees, while revenue from operations increased by approximately 41% to 31.95 billion rupees, as stated in the prospectus.

JSW Infrastructure has ambitious plans to expand its operational capacity to 300 million tonnes per annum (MTPA) by 2030. However, this would still be lower than Adani Ports, which currently has a capacity of about 558 MMTPA. Adani Ports, a listed unit of Gautam Adani’s conglomerate, holds a market value of around 1.78 trillion rupees.

The successful debut of JSW Infrastructure on the stock market indicates the strong investor confidence in the company’s growth prospects. With its expansion plans and solid financial performance, JSW Infrastructure is well-positioned to capitalize on the opportunities in India’s port operations sector.