JSW Infra shares pull off a strong listing debut; lists at 20% premium

Shares of JSW Infrastructure kicked off its maiden trading session on a decent note as the stock made a solid debut on the first trading session of October 2023. The latest debutante of Dalal Street was listed at a premium of 20 per cent at Rs 143 on NSE, against its issue price of Rs 119. The stock was listed at the same price on BSE.

Ahead of its listing, shares of JSW Infrastructure were commanding a premium of Rs 30-33 per share in the grey market, suggesting a listing pop of about 26-28 per cent on the debut. However, its premium has almost doubled from Rs 17-18-levels on September 25, when the issue had opened for bidding.

JSW Infrastructure raised a total of Rs 2,800 crore from its primary stake sale, which was entirely a sale of fresh equity shares, offered in the fixed range of Rs 113-119 per share with a lot size of 126 shares. The JSW Group entity's IPO could be subscribed September 25 to September 27.

The issue was overall subscribed 37.37 times as qualified institutional bidders (QIBs) rushed to bid for the issue and their portion was booked 57.09 times. The quota set aside for non-institutional investors (NIIs) was booked 15.99 times, while allocation reserved for retail investors was subscribed a little more than 10.32 times during the bidding process.

The Sajjan Jindal-led JSW Infra provides maritime-related services. It includes logistics services, storage solutions and cargo handling. It develops and operates ports and port terminals under port concessions for a long-term- 30-50 years period. JSW Infra is the second largest commercial port operator in the country in terms of cargo handling capacity as of FY23.

The issue was managed by JM Financial, Axis Capital, ICICI Securities, Dam Capital Advisors, Credit Suisse Securities (India), HSBC Securities & Capital Markets, Kotak Mahindra Capital and SBI Capital Markets, while Kfin Technologies was the registrar for the IPO of Sajjan Jindal-led JSW Infra.

Also read: Stock recommendations by share market analysts for October 3, 2023: Hero MotoCorp, L&T Finance, Dr Reddy's, Exide & Hindustan Oil

Also read: Top 10 stocks to watch on October 3, 2023: Adani Energy, Suven Pharma, Hero MotoCorp, Maruti, MCX, Delta Corp & others

Also read: JSW Infrastructure shares and Vaibhav Jewellers shares listing today in Top News on October 3: Share markets outlook, Valiant Laboratories IPO to close, price hike for Hero MotoCorp bikes, scooters