JM Baxi plans as much as Rs 2,500 crore IPO

Mumbai: Mumbai-based logistics agency JM Baxi Group plans to boost ₹2,000-2,500 crore by way of an preliminary public providing, individuals conscious of the event mentioned.

JM Baxi, backed by international non-public equity fund Bain Capital, could also be valued at ₹8,500-9,000 crore on this public providing, they mentioned. Bain will make a partial exit, whereas the proceeds to the corporate from the sale of contemporary fairness will probably be used for funding enlargement.

Three funding bankers – Axis, Kotak Mahindra Capital and Credit score Suisse – have been employed to run the method. The IPO is more likely to hit the market by early subsequent 12 months, mentioned one of many individuals.

JM Baxi managing director Dhruv Kotak and a Bain spokesperson declined to remark.

Based in 1916, the JM Baxi Group is India’s premier delivery providers firm, and is likely one of the largest built-in logistics providers and transportation conglomerates, with a concentrate on port-based logistics.

In December, Bain Capital acquired a few 35% stake in its step-down subsidiary, Worldwide Cargo Terminals & Infrastructure (ICTIPL), for Rs 1,317 crore.

ICTIPL is a flagship entity of JM Baxi and is engaged in offering container freight station operations, terminal dealing with providers, dealing with of container & bulk cargo, containerised rail freight, inland container depot and different ancillary providers by way of six subsidiaries and three joint ventures.

ICTIPL on a standalone foundation operates container freight stations with a capability to deal with 120,000 TEUs a 12 months. The corporate additionally has a presence within the rail enterprise by offering container practice operations by way of 19 rakes (12 owned and 7 leased), majorly between Sonipat, Visakhapatnam, Kandla and Pipavav. Moreover, ICTIPL has a fertiliser dealing with facility and bulk cargo dealing with association at Rozi Jetty in Jamnagar, Gujarat, and chilly storages.

On a consolidated foundation, the corporate posted income of ₹1,800 crore within the monetary 12 months ended March 31, 2021.

The group has a diversified income profile and presence in the whole worth chain. ICTIPL has a longtime presence in end-to-end worth chain of port infrastructure enterprise.