Shares of JSW Cement had a mixed start on their stock market debut Thursday. After opening higher than expected, the stock lost momentum and ended the day in the red, falling over 5% from its listing price.
Listing Performance
- The stock was listed at ₹153 on the BSE, about 4.1% above its IPO price of ₹147, and at ₹153.50 on the NSE, a 4.4% premium.
- However, early gains were short-lived as the price slipped to an intraday low of ₹145.05 on both exchanges, down more than 5% from its opening levels.
- Despite this fall, the listing price was still slightly better than the grey market premium of ₹151, which had suggested around a 3% gain.
IPO Subscription and Demand
- The IPO of ₹3,600 crore received strong interest, being subscribed 7.77 times overall.
- Breakdown of demand:
- Qualified Institutional Buyers (QIBs): 15.80 times
- Non-Institutional Investors (NIIs): 10.97 times
- Retail Investors: 1.81 times
- The allotment of shares was completed on August 12.
Fundraising Details
- The issue included a fresh sale of shares worth ₹1,600 crore (10.88 crore shares).
- Additionally, promoters sold 13.61 crore shares worth ₹2,000 crore under the Offer for Sale (OFS).
- Prior to the IPO, the company also raised ₹1,080 crore from anchor investors, which included well-known domestic and international institutions.
In Summary:
While JSW Cement’s IPO received strong demand, its listing day performance remained subdued. The stock started with a premium but quickly lost ground, closing below the opening level.
