JSW Infra extends listing day rally on day 2, stock up 40% versus issue price

Moody’s Investor Service upgraded JSW Infra’s corporate family rating and senior secured bond rating to Ba1 from Ba2

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Shares of JSW Infrastructure jumped 6 percent on the second day of trade. So far, the stock of this Sajjan Jindal-led company has soared 40 percent to Rs 167 apiece on BSE versus the issue price of Rs 119.

The company provides maritime-related services, which include cargo services, storage solutions, and logistics services. It develops and operates port terminals under port concessions for a long-term period.

In the latest development, Moody’s Investor Service upgraded JSW Infra’s corporate family rating and senior secured bond rating to Ba1 from Ba2, changing the outlook to stable from positive.

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“The upgrade is driven by a combination of the substantial capital raised from JSW Infra’s initial public offering (IPO) and the growth momentum of cargo volumes at both its existing and new ports. We expect JSW Infra to continue its solid operating performance, with its credit metrics consistently within the Ba1 range,” said Erman Zhang, analyst at Moody’s.

JSW Infra’s IPO, which concluded on September 29, has generated around Rs 2,800 crore in new funds for the company. As outlined in the prospectus, 31 percent of these proceeds will be allocated toward debt repayment, while another 42 percent will support capital expenditure for upgrades and expansions at JSW Infra’s flagship Jaigarh port and its first container terminal, the JSW Mangalore Container Terminal.

As a result, Moody’s projects that JSWIL’s funds from operation (FFO)/debt will be consistently within the 17-23 percent range over the next three years, a level supporting the upgrade.

At the same time, analysts believe that JSW Infra’s cash flow predictability will continue to benefit from its take-or-pay contracts, which brought in more than 40 percent of its revenue in fiscal 2023.

JSW Infra’s initial public offering (IPO) garnered a strong response from investors as it was subscribed over 37 times (x), led by qualified institutional buyers (QIBs) who subscribed 57.09x of the allotted quota. Non-institutional investors (NIIs) and retail, meanwhile, booked 16x and 10.3x, respectively, of the issue.

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