JSW Cement IPO subscribed 29% on day 1 of offer
JSW Cement
Ltd, part of the diversified
JSW Group
, received 29 per cent subscription on the first day of bidding on Thursday.
The initial share sale got bids for 5,21,07,720 shares against 18,12,94,964 shares on offer, as per NSE data.
The category for Retail Individual Investors (RIIs) received 36 per cent subscription while the quota for Qualified Institutional Buyers (QIBs) attracted 23 per cent subscription. The portion for non-institutional investors got covered 20 per cent.
JSW Cement on Wednesday 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.
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.
As part of the OFS, private equity giant Apollo Management, through its affiliate AP Asia Opportunistic Holdings Pte Ltd, as well as Synergy Metals Investments Holding Ltd and State Bank of India (SBI) will offload shares.
Synergy Metals Investments Holding is an arm of Synergy Metals and Mining Fund, a private equity fund set up by a former executive of steelmaker ArcelorMittal Sudhir Maheshwari in 2015.
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.
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 are the book-running lead managers to the offer.
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