JSW Infrastructure Ltd, the port and terminal operator owned by billionaire businessman Sajjan Jindal, has filed a draft paper with market regulator the Securities & Exchange Board of India (Sebi) to raise up to Rs 2,800 crore through an initial public offer.

The second largest private sector port/terminal operator in the country after Adani Ports & Special Economic Zones plans to deploy the funds to retire debt in part and for its expansion plans.

JSW Infra will be the first IPO from the $22 billion JSW Group in 13 years after JSW Energy and the fifth company to be listed on the bourses.

The entire issue will consist of a fresh share sale and there will not be shares on offer for sale, indicating the promoters are not cashing out.

JSW Infrastructure has an installed cargo handling capacity of 153.43 million tonnes per annum (MTPA) for multi-commodity cargo, including dry bulk, break bulk, liquid bulk, gases and containers. It has nine port concessions across the country as on December 31, 2022.

The company is bidding to mechanise and operate a coal berth at Haldia, Bengal as well.

For the nine months ending December 31, 2022, JSW Infra handled a cargo volume of 66.70 MT.

The revenue from operations stood at Rs 2,279.44 crore and profit after tax of Rs 447.24 crore.

The company has a net debt of Rs 2,875 crore. The EBIDTA margin stood at 52.87 per cent.

The flagship company of JSW Group is JSW Steel, the largest private sector steelmaker by domestic capacity. Apart from energy, the group has a presence in cement, paints and sports.