BENGALURU, May 10 (Reuters) - Indian commercial port
operator JSW Infrastructure Ltd has filed for an initial public
offering (IPO) worth up to 28 billion rupees ($342.4 million),
it said in a draft prospectus on Wednesday.
The company will issue fresh equity shares in the offering
and plans to use the proceeds from the IPO to cut debt and fund
capital expenditure at its units.
JSW Infra has ports in states including Maharashtra, Odisha
and Karnataka and has an installed cargo handling capacity of
153.43 million tonnes per annum, according to its website.
The IPO filing comes amid a gloomy market for domestic
listings. After peaking in 2021, the IPO market has fizzled out
due to concerns of companies' valuations and profitability, as
well as the volatility in global markets.
Apparel retailer Fabindia, jeweller Joyalukkas, skincare
startup Mamaearth and e-commerce firm Snapdeal have scrapped
their IPO plans in the past six months, mostly blaming volatile
stock markets.
However, on Tuesday, condom maker Mankind Pharma listed with sharp gains.
Among JSW Infra's bookrunning lead managers are JM
Financial, Axis Capital, SBI Capital Markets, HSBC and Credit
Suisse Securities (India).
($1 = 81.7800 Indian rupees)
(Reporting by Varun Vyas in Bengaluru; Editing by Varun H K)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.