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Government Prepares IPO of Kamarajar Port, First Listing of a State-Owned Port.

The government is preparing to list Kamarajar Port Ltd through an Initial Public Offering (IPO) in FY27, marking the first-ever public listing of a state-owned port in India. A wholly owned subsidiary of Chennai Port Authority, Kamarajar Port is also the only state-run port incorporated under the Companies Act, giving it a unique institutional status. Based on an implied price band of ₹500–700 per share and around 30 crore outstanding shares, the IPO could value the port at approximately ₹15,000–21,000 crore, placing it in the mid-cap infrastructure segment. In FY25, the port handled 48.41 million tonnes of cargo, with steady volumes continuing in the current fiscal year. Kamarajar Port stands out for its exceptional financial performance, reporting an EBITDA margin of about 83%, significantly higher than most listed private port operators. With EBITDA of ₹968 crore, EPS of ₹18, and moderate net debt, the port presents strong cash flows and operational efficiency. The IPO is expected to attract significant investor interest as a rare PSU offering private-sector-like economics.