BENGALURU, Sept 27 Reuters Indian commercial port operator JSW Infrastructure received bids worth 606.13 billion rupees 7.29 billion in its initial public offering IPO, exchange data showed on Wednesday.

The JSW Groupowned company received bids for 5.09 billion shares at between 113 and 119 rupees, 37.37 times more than the 136.3 million shares offered, National Stock Exchange data showed, with institutional investors showing the most interest.

The IPO of India39;s secondlargest commercial port operator in terms of cargo handling capacity was JSW Group39;s first since JSW Energy in 2010, and comprised of fresh issue of shares worth up to 28 billion rupees.

JSW Energy debuted in January 2010, and has since risen more than fourfold in value.

JSW Infra, which competes with Adani Ports and Gujarat Pipavav Port, is due to be listed on Indian exchanges next week.

The company plans to use proceeds from the IPO to repay certain borrowings and invest in expansion projects at its units JSW Jaigarh Port and JSW Mangalore Container Terminal. It had a net debt of 22.16 billion rupees as of March 31, 2023.

It also plans to expand its operational capacity to up to 300 million tonnes per annum MTPA across its ports and terminals by 2030 from around 158 MTPA currently.

In comparison, Adani Ports had a total operating capacity of 558 MMTPA as on March 31.

JSW Infra39;s profit for fiscal 2023 more than doubled to 7.50 billion rupees yearonyear, while its revenue from operations rose…