BENGALURU, May 10 Reuters Indian commercial port operator JSW Infrastructure Ltd has filed for an initial public offering IPO worth up to 28 billion rupees 342.4 million, it said in a draft prospectus on Wednesday.

The company will issue fresh equity shares in the offering and plans to use the proceeds from the IPO to cut debt and fund capital expenditure at its units.

JSW Infra has ports in states including Maharashtra, Odisha and Karnataka and has an installed cargo handling capacity of 153.43 million tonnes per annum, according to its website.

The IPO filing comes amid a gloomy market for domestic listings. After peaking in 2021, the IPO market has fizzled out due to concerns of companies39; valuations and profitability, as well as the volatility in global markets.

Apparel retailer Fabindia, jeweller Joyalukkas, skincare startup Mamaearth and ecommerce firm Snapdeal have scrapped their IPO plans in the past six months, mostly blaming volatile stock markets.

However, on Tuesday, condom maker Mankind Pharma listed with sharp gains.

Among JSW Infra39;s bookrunning lead managers are JM Financial, Axis Capital, SBI Capital Markets, HSBC and Credit Suisse Securities India.

1 81.7800 Indian rupees

Reporting by Varun Vyas in Bengaluru; Editing by Varun H K

Source Reuters