JSW Infrastructure made a strong debut on the bourses on Tuesday, closing with gains of 32 per cent over the issue price of Rs 119.

The stock debuted on both the exchanges at Rs 143, a rise of 20.16 per cent over the issue price. It built on these gains and ended 32.18 per cent higher at Rs 157.30. At close, the company had a market valuation of Rs 33,033.02 crore.

In traded volume terms, 57.99 lakh shares of the company were traded on the BSE and over 12.21 crore shares on the NSE.

The initial public offering (IPO) of JSW Infrastructure came at a price band of Rs 113-119 per share. This was the third IPO by the JSW Group (after the steel and energy businesses) and comes 13 years after the public listing of JSW Energy in January 2010.

The float was subscribed 37.37 times. The company is an independent port operator servicing customers across bulk cargo, LPG, container, sugar and other commodities.

Speaking at the listing ceremony, JSW Group chairman Sajjan Jindal said the company has a huge potential to grow its business and aims to become a global company.

“We cannot think only India centric, we have to think global and we have to really build ourselves as a global company. So we have to really think at those levels,” he said.

Jindal added that India has a large coastline and logistics cost in the country is among the highest in the world.

Sensex, Nifty decline

Equity benchmark indices Sensex and Nifty declined on Tuesday amid unabated foreign fund outflows and sluggish Asian market cues. A fall in index majors HDFC Bank and RIL also dragged the benchmark indices lower.

The 30-share BSE Sensex declined 316.31 points, or 0.48 per cent, to settle at 65512.10. During the day, it fell 483.82 points, or 0.73 per cent, to 65344.59.

The Nifty fell 109.55 points, or 0.56 per cent, to end at 19528.75.