Shares of JSW Infrastructure, a part of JSW Group, on Tuesday listed with a premium of over 20 per cent against the issue price of Rs 119.
The stock made its debut at Rs 143, registering a jump of 20.16 per cent from the issue price on the BSE. Later, it rallied 30.16 per cent to Rs 154.90.
At the NSE, it listed at Rs 143.
The company commanded a market valuation of Rs 32,371.52 crore during the early trade.
The Initial Public Offering (IPO) of JSW Infrastructure was subscribed 37.37 times on the last day of bidding on Wednesday.
The Rs 2,800-crore IPO had a price range of Rs 113-119 per share. The public issue was entirely a fresh issue of equity shares.
The stock listed within two trading days after completion of the initial public offering last week.
Equity markets were closed on Monday on account of Mahatma Gandhi Jayanti.
Proceeds of the JSW Infrastructure issue to the tune of Rs 880 crore will be used to repay debt, Rs 865.75 crore to finance capital expenditure requirements for an LPG terminal project, Rs 59.4 crore for setting up an electric sub-station, as per a circular.
Further, Rs 103.88 crore will be used for the purchase and installation of a dredger and Rs 151.04 crore for the proposed expansion at Mangalore Container Terminal, it said.
These apart, the proceeds will also be used for general corporate purposes.
JSW Infrastructure, a port-related infrastructure company, provides maritime-related services, including cargo handling, storage solutions, logistics services, and other value-added services to its customers.