JSW Infrastructure's initial public offering (IPO), which received a good reaction from investors across the board and resulted in a subscription of 37.8 times on the final day of the three-day share sale period, is India's second-largest port operator in terms of cargo handling capacity.
Investors bid for over 5,090 million shares against the 136 million shares on offer, exchange data showed. The IPO, which is entirely a fresh issue of shares worth £280 million, sold shares carrying a face value of Rs 2 in the range of Rs 113-119 apiece.
JSW expects a market value of £2.5 billion at the top of the price range. Data showed that, correspondingly, the categories designated for qualified institutional buyers (QIBs), non-institutional investors, and retail participants were subscribed 57, 16, and 10.3 times.
JSW will use the IPO proceeds to fund capacity expansion and pare debt.