Mumbai, Aug 14
JSW Cement’s stock closed around 5 per cent lower on Thursday on its first day of trading, despite a strong response to its Rs 3,600 crore initial public offering (IPO).
The shares opened at Rs 153 on the BSE, 4.1 per cent higher than the issue price of Rs 147, and at Rs 153.50 on the NSE, a 4.4 per cent premium.
However, the gains faded quickly, with the stock touching an intra-day low of Rs 145.05 on both exchanges and ending the session in negative territory.
The company plans to use the proceeds to set up a new integrated cement plant in Nagaur, Rajasthan, repay Rs 520 crore in debt, and meet general corporate expenses.
Founded in 2009, JSW Cement is among the fastest-growing cement makers in India and ranks in the top 10 by installed capacity and sales volume.
JSW Cement, founded in 2009, is among India’s fastest-growing cement manufacturers and ranks in the top 10 by installed capacity and sales volume.
Despite the muted listing, the company’s long-term growth prospects remain tied to its expansion plans and strong position in the cement market.