Kamarajar Port Ltd has taken another significant step toward its ₹1,200 crore IPO by releasing a Request for Proposal (RFP) to engage a Domestic Legal Counsel (DLC). According to the RFP document issued on Tuesday, the selected legal counsel will manage end-to-end legal and secretarial due diligence, draft key offer documents including the Draft Red Herring Prospectus (DRHP) and Prospectus, advise on publicity restrictions, handle regulatory filings with SEBI and stock exchanges, and draft transaction-related agreements. The final structure remains subject to board and shareholder approval, as stated in the RFP document.
Kamarajar Port Ltd has initiated the process of appointing investment banks for its initial public offering, with the IPO likely to include an offer for sale of approximately ₹1,200 crore. According to documents reviewed by Mint, the Chennai-based port is seeking up to three bookrunning lead managers to structure and manage the issue. Investment banks are expected to begin pitching for the mandate next week, with the IPO completion targeted within calendar 2027. The Chennai Port Authority, which wholly owns Kamarajar Port, has already held a pre-bid meeting with potential bankers to address their queries.
Kamarajar Port's IPO would make it India's only listed state-backed port, as reported by Mint. Currently, India's public markets have three listed port entities: Adani Ports and Special Economic Zone Ltd (APSEZ), JSW Infrastructure Ltd and APM Terminals-backed Gujarat Pipavav Port Ltd. 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. The port was originally developed as Ennore Port and later renamed after former Tamil Nadu chief minister Kumaraswami Kamaraj, operating primarily as a satellite facility for Chennai Port to handle thermal coal for the Tamil Nadu Electricity Board.
Kamarajar demonstrated strong financial performance in fiscal 2026, with revenue rising 9% to ₹1,239 crore from ₹1,138 crore in the previous year, while profit increased more than 10% to ₹596 crore from ₹539 crore. The company handled 49.08 million tonnes of cargo and a record 1,008 vessels in fiscal 2026. Kamarajar maintained a strong balance sheet with ₹186 crore in cash and cash equivalents against total assets of ₹4,492 crore and current liabilities of ₹244 crore. The company paid an interim dividend of ₹3 per share and recommended a final dividend of ₹7 per share for FY26.
Kamarajar has completed significant infrastructure expansion to support Tamil Nadu's thermal power sector. The port constructed two additional coal berths at an investment of ₹500 crore to accommodate capsize vessels of 18m draft with handling capacity of 9 MTPA each. Berth construction for Coal Berth-3 was completed in November 2017 and Coal Berth-4 in May 2018. KPL handed over Coal Berth No 4 to TANGEDCO during August 2018 for installation of top loading facilities. Under the business model adopted by KPL, TANGEDCO is investing, operating and maintaining all top-side facilities including shore unloaders and conveyor systems, supporting the expansion of existing thermal power plants and new TANGEDCO-NTPC JV projects.
