Sebi keeps JSW Cement's Rs 4,000-crore IPO in ‘abeyance’
Securities and Exchange Board of India has put the proposed initial public offering of JSW Cement 'in abeyance', an update on the capital market regulator's website showed.
The cement business of the JSW Group was looking to raise ₹4,000 crore through the primary market offering, and had filed its draft papers with Sebi last month. The IPO is a combination of offer-for-sale and fresh issue of shares.
The proceeds of the IPO were to be used for repaying debt and funding the proposed unit in Nagaur.
Last year, another company from the JSW Group, JSW Infrastructure made its debut in the equity markets.
For the financial year ended March 2024, JSW Cement reported a 3% increase in revenue to ₹6,028 crore, compared to ₹5,837 crore in FY23. However, profits declined by 40% to ₹62 crore in FY24 compared to the previous year.
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