JSW Cement IPO: A Challenging Market Debut

Shares of JSW Cement Ltd closed nearly 1% below the issue price, despite opening higher at a 4% premium. The company's IPO was 7.77 times oversubscribed with a price range of Rs 139-147. Proceeds will fund a new cement unit in Rajasthan and company debts.

Shares of JSW Cement Ltd concluded Thursday's trading session with a nearly 1% discount from its issue price, despite its strong debut. Listed initially at Rs 153, a 4% premium on the BSE, the stock later dropped to close at Rs 146.05.

On the NSE, JSW Cement's shares exhibited similar volatility. The stock opened at Rs 153.50, reflecting a 4.42% premium, but settled at Rs 146.07 by the end of the day. The market valuation of the company was reported at Rs 19,911.94 crore.

The company's IPO, which is part of the wider JSW Group, was subscribed 7.77 times on its final day. With an IPO price band of Rs 139-147 per share, the offering included a fresh issue and an Offer-For-Sale, totaling Rs 3,600 crore. Key funds will go towards establishing a new cement facility in Rajasthan and servicing existing debt.

(With inputs from agencies.)