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Indian commercial port operator JSW Infrastructure Ltd has filed for an initial public offering (IPO) worth up to 28 billion rupees ($342.4 million), it said in a draft prospectus on Wednesday.

The company will issue fresh equity shares in the offering and plans to use the proceeds from the IPO to cut debt and fund capital expenditure at its units.

JSW Infra has ports in states including Maharashtra, Odisha and Karnataka and has an installed cargo handling capacity of 153.43 million tonnes per annum, according to its website.

The IPO filing comes amid a gloomy market for domestic listings. After peaking in 2021, the IPO market has fizzled out due to concerns of companies' valuations and profitability, as well as the volatility in global markets.

Apparel retailer Fabindia, jeweller Joyalukkas, skincare startup Mamaearth and e-commerce firm Snapdeal have scrapped their IPO plans in the past six months, mostly blaming volatile stock markets.

However, on Tuesday, condom maker Mankind Pharma listed with sharp gains.

Among JSW Infra's bookrunning lead managers are JM Financial, Axis Capital, SBI Capital Markets, HSBC and Credit Suisse Securities (India).

($1 = 81.7800 Indian rupees)