Kamarajar Port Ltd, India’s first corporate major port, has initiated the process to appoint investment banks for its proposed Initial Public Offering (IPO), which could make it the country’s only listed state-backed major port.
According to a document reviewed by Mint, the Chennai-based port is seeking up to three bookrunning lead managers to structure and manage the IPO. The proposed issue is expected to include an Offer for Sale (OFS) of around ₹1,200 crore, while a fresh issue may be considered at a later stage. The IPO is targeted for completion by calendar year 2027.
Kamarajar Port is wholly owned by the Chennai Port Authority, which acquired the Centre’s entire 66.7% stake in 2020. A successful listing would add Kamarajar to India’s listed port sector, currently comprising Adani Ports and Special Economic Zone, JSW Infrastructure and Gujarat Pipavav Port.
Established in 1999 as Ennore Port, Kamarajar was developed initially as a satellite facility for Chennai Port, primarily to handle thermal coal. Its cargo profile has since expanded to include petroleum, oil and lubricants, automobiles and containers, although coal remains its largest cargo segment.
The port follows largely a landlord port model, with private operators developing terminals under the build-operate-transfer (BOT) framework.
Kamarajar Port handled a record 49.08 million tonnes of cargo and 1,008 vessels in FY2025-26. The port recommended a final dividend of ₹7 per share for FY26. Its cash and cash equivalents stood at ₹186 crore at the end of the fiscal year, against total assets of ₹4,492 crore and current liabilities of ₹244 crore.
Capital expenditure more than doubled to ₹478 crore in FY26, from ₹201 crore a year earlier, reflecting increased investment in port infrastructure and capacity.
Kamarajar is unique among India’s 12 major ports as it is incorporated under the Companies Act, while the other 11 major ports operate as statutory authorities under the Major Port Authorities Act, 2021.