JSW Cement Limited, a prominent part of the diversified JSW Group, witnessed a highly successful close to its initial public offering, drawing significant interest across investor categories. The share sale, which ended on Monday, was subscribed 7.77 times overall according to data from the National Stock Exchange. The company received bids for an impressive 1,40,91,39,588 shares against the 18,12,94,964 shares that were available for subscription.
Institutional investors showed particularly strong interest, with the Qualified Institutional Buyers category subscribed 15.80 times. Non-institutional investors also demonstrated robust participation, with their segment subscribed 10.97 times. Retail investors contributed to the momentum as well, subscribing 1.81 times to their allotted portion.
Ahead of the main offering, JSW Cement had already secured ₹1,080 crore from anchor investors, signaling confidence in the company’s growth story and future prospects. The IPO was priced in the range of ₹139 to ₹147 per share, which at the upper limit values the 17-year-old cement maker at approximately ₹20,000 crore.
The offering structure included a fresh issue of shares worth ₹1,600 crore and an Offer for Sale amounting to ₹2,000 crore. The proceeds from the fresh issue will be strategically deployed, with ₹800 crore earmarked to part-finance the construction of a new integrated cement unit in Nagaur, Rajasthan. Another ₹520 crore will be used for debt repayment, while the remaining funds will be allocated for general corporate purposes.
JSW Cement’s strong market presence and ambitious expansion plans appear to have played a major role in attracting investors. The company has positioned itself to capture a growing share of India’s infrastructure and housing development demand, supported by rising cement consumption in both urban and rural markets.
The book-running lead managers for the IPO included some of the most prominent names in investment banking such as JM Financial, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs India Securities, Jefferies India, Kotak Mahindra Capital Company, and SBI Capital Markets. Their involvement helped ensure wide investor outreach and robust demand throughout the subscription period.
With the issue now closed, market watchers will be keeping an eye on the listing day performance to see if the strong subscription translates into listing gains for investors. The company’s capital infusion from the IPO is expected to fuel its expansion and strengthen its position in the highly competitive cement sector.
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