JSW Infrastructure Ltd's IPO on Monday (September 25), the first day of its bidding witnessed a 43 percent subscription. The retail investors contributed the most as the retail portion of the IPO was subscribed 1.38 times.

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The non-institutional investors (NIIs) and qualified institutional buyers (QIBs) were subscribed 0.60 and 0.30 times, respectively. The fixed price band of the public offer has been set between Rs 113 and Rs 119. According to the company, the bids can be made for at least 126 equity shares and in multiples thereafter.

On Monday, the IPO of JSW Infra, a part of the JSW Group, has put 13,62,83,186 shares on offer out of which it has received bids for 5,82,98,058 shares, as per the data from the BSE. The IPO received bids for 3,41,53,560 shares in the retail investors’ portion against 2,47,78,761 shares on offer, as per the data from the BSE.

In the NIIs segment, the IPO received bids for 2,21,82,426 shares against 3,71,68,141 on offer in this portion. For the QIBs portion, the company has put 7,43,36,284 shares on offer out of which bids for 19,62,072 shares were received on the day one of the bidding.

Ahead of the issue opening, JSW Infrastructure raised 1,260 crore from anchor investors. As many as 11 mutual funds participated in the pre-IPO placement through 28 schemes.

SBI Mutual Fund, ICICI Prudential MF, HDFC Mutual Fund, Nippon India MF, Aditya Birla Sun Life MF, Sundaram MF, Franklin Templeton, UTI MF, Tata AMC, and Baroda BNP Paribas MF are the mutual funds that participated in the anchor placement of shares.

The company has planned to invest net proceeds from the offering into repaying or prepaying all or a part of some outstanding borrowings of its wholly owned subsidiaries, JSW Dharamtar Port Private Ltd and JSW Jaigarh Port Ltd, according to Red Herring Prospectus.

The company would also use the net proceeds to finance capital expenditure requirements through investment in JSW Jaigarh Port Ltd.