Kamarajar Port picks SBI Capital, IDBI Capital and ICICI Securities for IPO

Detailed summary

Kamarajar Port valuation discussions are still some time away, but the IPO is likely to be completed within calendar 2027

Chennai-based Kamarajar Port Ltd has picked three investment banks for an initial public offering (IPO) that would make it India's first listed state-backed port.

The country's first corporate major port has hired SBI Capital Markets Ltd, IDBI Capital Markets & Securities Ltd, and ICICI Securities Ltd as the book-running lead managers for the offer, two people aware of the development told Mint.

The IPO is likely to include an offer for sale of about ₹1,200 crore, while a fresh issue could be decided at a later stage, a document issued by the port earlier in September showed.

Valuation discussions are still some time away, but the IPO is likely to be completed within calendar 2027, Mint has learnt.

Emails sent to Kamarajar Port, SBI Capital, IDBI Capital and ICICI Securities on 14 November did not elicit responses until press time.

Mint had reported on 13 September that the Chennai Port Authority, which wholly owns Kamarajar Port, had begun the process of seeking up to three bookrunning lead managers to structure and manage the issue.

India's public markets currently have three listed port entities: Adani Ports and Special Economic Zone Ltd (APSEZ), JSW Infrastructure Ltd and APM Terminals-backed Gujarat Pipavav Port Ltd. A successful IPO would make Kamarajar the only listed state-backed port in the country.

Established in 1999, Kamarajar is one of India’s 12 major ports and the country’s first corporate major port, functioning under the ministry of ports, shipping and waterways. Located in Chennai, it was originally developed as Ennore Port and later renamed after former Tamil Nadu chief minister Kumaraswami Kamaraj.

The port was conceived as a satellite facility for Chennai Port, primarily to handle thermal coal for the Tamil Nadu Electricity Board, now Tamil Nadu Generation and Distribution Corp. Its mandate was subsequently expanded to handle other cargo.

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