Is Adani’s loss Jindal’s gain? Inside JSW Infra’s mega listing and why investors are bullish on it.

JSW Group Chairman Sajjan Jindal along with Parth Jindal MD of JSW Cement & Paints and Mr. S.S Mundra, Chairman of BSE ringing the ceremonious gong at the listing ceremony of JSW Infrastructure at Bombay Stock Exchange. image courtesy: JSW Infrastructure

Synopsis
JSW Infrastructure opened at a premium of 20% to the issue price and data shows investors are valuing it over 8x its book value. In comparison, Adani Ports is trading at P/BV of 3.8x. The stock has returned just 1% in a year. As Adani Ports focused on reinstating investor confidence, it has been advantage JSW Group.

Sajjan Jindal, the chairman of JSW Group, looked palpably nervous addressing investors just ahead of the listing of JSW Infrastructure on Tuesday as benchmark indices opened weak. To Jindal’s delight and to the vindication of the grey market for IPOs (initial public offer), JSW Infrastructure opened at a premium of 20% to the issue price of INR119 apiece. Before noon, the shares of India’s second-largest private port operator hit an upper