JSW Cement Eyes Top-Five Spot with IPO Ambitions
JSW Cement has launched a Rs 3,600-crore IPO to triple its manufacturing capacity to 60 million tonnes annually. The initial offering received 29% subscription on the first day. Guided by expansion plans and acquisition opportunities, JSW aims to be among India's top-five cement producers post-listing.
- Country:
- India
JSW Cement, an integral part of the USD 23-billion JSW Group, opened a Rs 3,600-crore IPO to public subscription, gaining 29% on its initial day. The company has set ambitious targets to triple its manufacturing capacity to 60 million tonnes annually in the forthcoming years.
Managing Director Parth Jindal highlighted that the company's roadmap involves organic growth while remaining open to acquisition opportunities. Jindal stated that the current IPO, priced between Rs 139-Rs 147, aims to propel JSW into the top echelon of the Indian cement industry.
The IPO marks a significant step as JSW Cement embarks on this growth journey, with the prospect of stake dilution to hasten expansion if required. The firm is leveraging internal accruals to reach 42 MTPA and plans further expansion by deploying capital market strategies if needed.
(With inputs from agencies.)
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