JSW Cement IPO received 56 percent subscription on the second day of bidding on Friday, led by retail and NII investors.
The initial share sale got bids for 10.19 crore shares against 18.12 crore shares on offer, as per NSE data.
The category for Retail Individual Investors (RIIs) received 72 percent subscription while the quota for Qualified Institutional Buyers (QIBs) attracted 24 per cent subscription. The portion for non-institutional investors got covered 62 percent. Earlier, it mobilised Rs 1,080 crore from anchor investors.
The company has set a price band of Rs 139-147 per share, valuing the 17-year-old company at Rs 20,000 crore at the upper end of the price band.
JSW Cement IPO GMP Today Price
According to websites tracking the grey market activities, the shares of JSW Cement are commanding a GMP of around 9 percent in the unregulated market. Investorgain quoted a GMP of Rs 13 for the shares of the company, indicating a listing gain of 8.84 percent.
The IPO, which includes a fresh issue of Rs 1,600 crore of shares and Rs 2,000 crore of shares to be sold by current shareholders through Offer-For-Sale (OFS), will conclude on August 11.
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.
JSW Cement shares will be listed on BSE and NSE on August 14, while the allotment is expected by August 12.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
