JSW Infra shares jump over 32% in debut trade

New Delhi: Shares of JSW Infrastructure, a part of JSW Group, on Tuesday made a remarkable market debut and ended with a premium of over 32 per cent against the issue price of Rs 119. The stock made its debut at Rs 143, registering a jump of 20.16 per cent from the issue price on the BSE. It rallied 32.18 per cent to settle at Rs 157.30. At the NSE, it listed at Rs 143. Shares of the company ended at Rs 157.30 apiece, climbing 32.18 per cent.

The company commanded a market valuation of Rs 33,033.02 crore. In traded volume terms, 57.99 lakh shares of the company were traded at the BSE and over 12.21 crore shares at the NSE during the day. In the equity market, the 30-share BSE Sensex declined 316.31 points or 0.48 per cent to settle at 65,512.10. The Nifty fell 109.55 points or 0.56 per cent to end at 19,528.75.

The Initial Public Offering (IPO) of JSW Infrastructure was subscribed 37.37 times on the last day of bidding on Wednesday. The Rs 2,800-crore IPO had a price range of Rs 113-119 per share. The public issue was entirely a fresh issue of equity shares. The stock listed within two trading days after completion of the initial public offering last week. Equity markets were closed on Monday on account of Mahatma Gandhi Jayanti. Proceeds of the JSW Infrastructure issue to the tune of Rs 880 crore will be used to repay debt, Rs 865.75 crore to finance capital expenditure requirements for an LPG terminal project, Rs 59.4 crore for setting up an electric sub-station, as per a circular.

Further, Rs 103.88 crore will be used for the purchase and installation of a dredger and Rs 151.04 crore for the proposed expansion at Mangalore Container Terminal, it said. These apart, the proceeds will also be used for general corporate purposes. JSW Infrastructure, a port-related infrastructure company, provides maritime-related services, including cargo handling, storage solutions, logistics services, and other value-added services to its customers.