07-08-2025
India's last cement IPO did not work. Can JSW Cement break that curse?
When Nuvoco Vistas Corporation listed in August 2021, it came with the promise of scale and the pedigree of the Nirma Group. Yet, within 10 months, the stock had halved. Investors who bought at the IPO price are still nursing wounds with Nuvoco shares trades nearly 24% below its IPO price of INR570, nowhere close to its all-time high. That bruising debut cast a long shadow over the sector. No other cement company has dared to go public since –
