JSW Infrastructure, India’s No. 2 commercial port operator, saw a rise in shares of up to 32.2% on Tuesday, making it one of the year’s most successful domestic market debuts.

The initial public offering (IPO) price of the stock was 119 rupees, but it opened higher at 143 rupees. During the day, it surged to a high of 157.3 rupees, valuing the company at $3.97 billion (330.33 billion rupees).

The overall market (.NSEI) was down 0.5% most recently.

Market capitalization for leading Indian port operator Adani Ports, which went public in 2007, is around 1.78 trillion rupees.

JSW Infra is a division of the steel-to-software conglomerate’s JSW Group, which is headed by billionaire Sajjan Jindal. It is the company’s first IPO since JSW Energy in 2010.

The business manages ports and port terminals across the nation and offers maritime services like logistics, cargo handling, and storage.

The listing’s success, according to Swastika Investmart’s head of wealth Shivani Nyati, can be credited to “strong fundamentals, consistent revenue and profit growth in recent years, and good subscription levels.”

According to the prospectus, the company’s profit more than doubled in fiscal 2023, while operating revenue increased by roughly 41%. By 2030, it intends to have nearly doubled its current operational capacity, reaching 300 MTPA.

JSW Infra’s listing joins a string of successful market debuts in recent months, including that by Concord Biotech and wires and cables manufacturer RR Kabel (RRKA.NS), all fueled by strong investor interest that also propelled the blue-chip index to a record high.

According to LSEG data, 277 Indian companies have gone public so far this year, raising $6.62 billion, as opposed to 172 companies that raised $10.53 billion during the same period last year.

28 billion rupees were raised by JSW Infra through the selling of new shares. A total of 85.61% of the company would be owned by Jindal, his family trust, and members of the promoter group, a phrase used in the Indian market to describe significant shareholders with voting rights.

JSW Steel stated that it had purchased the final 50% of NSL Green Steel Recycling Limited. NSL has now been fully incorporated into the business as a subsidiary, according to a regulatory filing by JSW Steel.

JSW finalised the acquisition of NSL on September 27, 2023, by purchasing the entire 50% stake owned by National Steel Holding Limited (NSHL).