Linklaters advised the book running lead managers on the initial public offering (IPO) of JSW Infrastructure Limited (JSW Infrastructure), India’s second largest commercial port operator, on both the National Stock Exchange of India (NSE) and BSE (also known as the Bombay Stock Exchange). This is one of the largest IPOs in India this year.
The IPO was oversubscribed by 37.37 times, which is a testament to the strong interest and confidence from investors and raised INR 28bn (approximately US$337m). The proceeds from the transaction will be used for the financing of expansion projects and debt repayment.
JSW Infrastructure is part of the multinational conglomerate JSW Group, which owns an international portfolio of diversified assets across various sectors, including steel, energy, infrastructure, cement, paints, venture capital and sports.
The book running lead managers on the transaction included Credit Suisse Securities (India) Private Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited, Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, Kotak Mahindra Capital Company Limited and DAM Capital Advisors Limited.
The Linklaters team was led by Head of South and Southeast Asia Capital Markets Amit Singh, with support from counsel Xunming Lim and managing associate Anandee Banerji.
Head of South and Southeast Asia Capital Markets Amit Singh, commented:
“We are delighted to have advised on this IPO, building on our longstanding relationship with the JSW Group and with JSW Infrastructure, having recently advised on their debut high yield sustainability-linked bonds. This successful offering not only consolidates our market-leading reputation in India’s equity capital markets, but also demonstrates our capability and expertise in advising large multinational clients on major transactions in the country’s infrastructure sector.”
Linklaters has a well-established reputation in the Asia equity capital markets, with one of the largest teams of any firm focused on India and Southeast Asia, having worked on many high-profile and landmark IPOs across various sectors in the region such as Life Insurance Corporation of India’s IPO, the largest ever IPO in India, and the IPOs of unicorns such as Delhivery and PolicyBazaar to name a few.
