JSW Cement IPO Day 3 Live: The public offering for JSW Cement Ltd received a 56 percent subscription by the end of the second bidding day on Friday. The Retail Individual Investors (RIIs) segment attracted a 72 percent subscription, while the non-institutional investors category saw a 62 percent subscription. The Qualified Institutional Buyers (QIBs) portion garnered a 24 percent subscription.
On Wednesday, JSW Cement raised ₹1,080 crore from anchor investors.
JSW Cement IPO price band has been set at ₹139-147 per share, which places the 17-year-old firm’s valuation at ₹20,000 crore at the higher end of the pricing scale.
JSW Cement IPO encompasses a fresh issue of ₹1,600 crore in shares along with an Offer-for-Sale (OFS) of ₹2,000 crore from existing shareholders, and it will conclude on August 11.
In the OFS segment, private equity firm Apollo Management, through its affiliate AP Asia Opportunistic Holdings Pte Ltd, alongside Synergy Metals Investments Holding Ltd and the State Bank of India (SBI), will sell their shares.
The company plans to use ₹800 crore of the proceeds to partially fund a new integrated cement plant in Nagaur, Rajasthan, while ₹520 crore will go towards debt repayment, with the remaining funds allocated for general corporate purposes.
The book-running lead managers for the offering are JM Financial Ltd, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs (India) Securities, Jefferies India, Kotak Mahindra Capital Company, and SBI Capital Markets.
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