Indian bulker owner and ports group JSW Infrastructure is targeting a quick initial public offering (IPO) to expand its operations.

It said the IPO will raise up to INR 28bn ($336m), with shares to be offered in a price band between INR 113 and INR 119 each.

The sale opens on 25 September for two days.

JSW has earmarked INR 8.8bn of the proceeds for debt repayment, as well as INR 8.65bn for capital expenditure on an LPG terminal project.

A further INR 590m will go on setting up an electric sub-station and INR 1bn will be used to buy a dredger.

It will also spend INR 1.5bn on its proposed expansion at Mangalore Container Terminal, as well as general corporate purposes.

JSW Infrastructure is an anchor customer of the wider JSW Group, which includes JSW Steel.

As of 30 June, the installed cargo handling capacity at its terminals was 158.4m tonnes per year, the Hindu daily reported.

In 2019, the Sajjan Jindal-led company said it would order 14 new 6,000-dwt mini-bulkers.

JSW already had 18 8,000-dwt ships contracted at yards in India, Bangladesh and China as it sought to build a fleet of 32 units.

Still ships on order

The river-sea ships were intended to move cargo between its own Jaigarh and Dharamtar ports for its steel mill and a new cement plant at Dolvi.

Pranab Jha, vice president of shipping at JSW Steel, put the price of the 14 mini-bulkers at $9m each at the time.

Wuhu Shipyard in China delivered 10 8,000-dwt vessels to the owner from 2020, while a quartet from Cochin Shipyard in India was handed over in 2021 and 2022.

Bangladesh’s Western Marine Shipyard delivered two more, with a further duo still to come in 2024.