J M Baxi Ports & Logistics Ltd. – backed by Bain Capital – is gearing up to further its growth and plans to file an Initial Public Offering (IPO) for around INR 2,500 crore in the next few weeks. It is eyeing a primary funding, along with a small secondary from existing investor Bain Capital, which has around 35% stake in J M Baxi Ports & Logistics Ltd.
According to sources, J M Baxi Ports & Logistics Ltd. could also consider a private placement, given the sharp volatility in the equities market currently. They plan to utilise the funding towards repayment of debt, business investments as well as potential acquisitions (to utilise around INR 1,000 crore over next 3-4 years).
Early this year Dhruv Kotak, MD at J M Baxi Group said “In the last six months, we have been executing the existing strategies, filling the capacities we have built… We also plan to take the inorganic route to go deeper into our service offerings. We are consistently evaluating such opportunities,” while talking about J M Heavy acquiring Allcargo Logistics Ltd.
Apart from this, J M Baxi Ports & Logistics Ltd. acquired the 26% stake it did not already own in Visakha Container Terminal Pvt Ltd. from DP World Ltd. for an undisclosed amount, marking a rare exit from an Indian container terminal for the global port operator owned by the Dubai government.
For FY21, J M Baxi Ports & Logistics narrowed its consolidated net loss to ₹5 crore from ₹46 crore a year earlier, according to the latest available data. Operating income grew to ₹1,425 crore in FY21 from ₹1,266 crore in FY20.
Formerly known as International Cargo Terminals and Infrastructure Pvt. Ltd, J M Baxi Ports & Logistics is engaged in providing shipping logistic services and operates as a unit of J M Baxi Group.