JSW Cement debuts 4% higher after 7.77x subscribed IPO

Proceeds from the Rs 3,600-crore offer will fund a new integrated unit in Rajasthan, pare debt and meet general corporate needs.

New Delhi: Shares of JSW Cement Ltd listed with a premium of over 4 per cent against the issue price of Rs 147 on Thursday.

The company's stock opened at Rs 153, up 4 per cent from the issue price on the BSE. Later, it jumped 5.23 per cent to Rs 154.70.

At the NSE, it listed at Rs 153.50, a premium of 4.42 per cent.

The company's market valuation stood at Rs 20,914.02 crore.

The initial public offer of JSW Cement Ltd, part of the diversified JSW Group, garnered 7.77 times subscription on the closing day of share sale on Monday.

The company's IPO had a price band of Rs 139-147 per share.

The IPO had a fresh issue of Rs 1,600 crore of shares and Rs 2,000 crore of shares through Offer-For-Sale (OFS).

According to the draft papers, the company will utilise proceeds worth Rs 800 crore to part-finance a new integrated cement unit at Nagaur, Rajasthan, and Rs 520 crore for payment of debt and the remaining funds for general corporate purposes.