Jobaaj Stories
According to some reports, the IPO of JSW Infrastructure, the ports arm of the JSW Group, has been delayed due to adverse market conditions.
For the unversed, JSW Infrastructure is a part of the JSW Group and is the second-largest port operator in India. The company has an operational capacity of 154 MTPA, which is to grow to 200 MTPA by 2024 due to planned expansions.
The company first planned to go public in September 2022, and was expected to hire bankers and file its papers by early 2023.
By January 2023, the company had hired Axis Capital, JM Financial, Dam Capital, Kotak Investment Banking, and SBI Capital Markets as its massive Rs 4,000 crore IPO bankers.
After JSW Energy's listing in 2010, this was to be the JSW Group's first public offering in thirteen years. The company planned to raise roughly Rs 4,000 crores by issuing additional shares.
But, the company has reportedly delayed its DRHP filing while keeping the disadvantageous market conditions in mind. The IPO has been delayed for 9 months due to a mismatch in the valuation.
The Indian stock markets are not in the best condition because repeated blows of Hindenburg-Adani, SVB collapse, Credit Suisse sale, and declining Deutsche Bank shares have adversely affected investor sentiment.
The Nifty 50 index, an Indian benchmark index, closed at 16,951.7 today, down 6.96% in 2023 alone.
- Aman Agarwal
