JSW Cement Makes Strong Market Debut with Shares Up by 4%

JSW Cement Ltd's shares listed at a premium of over 4% against the issue price of Rs 147. The listing marked a successful IPO garnering 7.77 times subscription. Proceeds from the IPO will partly finance a new cement unit and debt payments.

JSW Cement Ltd made a strong entrance onto the stock market with shares listing at over 4% above the issue price of Rs 147 on Thursday.

The stock opened at Rs 153 on the BSE, rising 4% from the initial price, and jumped 5.23% to Rs 154.70. On the NSE, it opened at Rs 153.50, reflecting a 4.42% premium. The company's market valuation reached Rs 20,914.02 crore.

Part of the JSW Group, JSW Cement recently closed its Initial Public Offering (IPO), attracting 7.77 times subscription. The IPO featured a price band of Rs 139-147 per share, raising funds through a fresh issue and Offer-For-Sale. The raised funds will support the establishment of a new cement plant in Rajasthan and address debt obligations.

(With inputs from agencies.)