IPO News: Stock market regulator SEBI has put on hold JSW Cement’s proposed Rs 4,000 crore initial public offering (IPO) for now. According to information available on SEBI’s website on Monday, SEBI said that issuing ‘comments’ on the proposed IPO has been deferred for now.
what is the detail
JSW Cement, a unit of the JSW Group involved in various businesses, had submitted a detailed copy of the IPO with SEBI on August 16. According to the prospectus (DRHP) deposited with the regulator, the proposed issue consists of a fresh issue of Rs 2,000 crore and an offer for sale (OFS) worth Rs 2,000 crore on behalf of the shareholders. The IPO process is being managed by JM Financial Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, DAM Capital Advisors Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited.
About the Company
Let us tell you that JSW Cement is part of the diversified JSW Group worth US$ 23 billion. The JSW Group has diversified interests in steel, energy, marine infrastructure, defense, B2B e-commerce, real estate, paint, sports and venture capital. JSW Cement started its business in 2009 from South India. Now the company has 7 plants across the country. JSW Cement has an annual production capacity of 19 million tonnes and its target is to expand to 60 million tonnes per annum. The company’s existing plants are located in Vijayanagar (Karnataka), Nandyal (Andhra Pradesh), Salboni (West Bengal), Jajpur (Odisha) and Dolvi (Maharashtra). Additionally, through its subsidiary Shiva Cement, it operates a clinker unit in Odisha.
