Shiva Cement soars 18.5% on buzz over parent JSW Cement’s IPO plans

JSW Cement holds a majority 59.32 percent stake in Shiva Cement and is named as the company’s promoter.

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Shares of Shiva Cement soared 18.5 percent on January 11 amid reports of its parent company, JSW Cement’s plans for a mega Rs 6,000-crore initial public offering.

Moneycontrol was the first to report citing multiple sources on January 10, that the JSW Group has roped in investment bankers to facilitate the initial public offering of its group company JSW Cement.

“As of now, the target is to raise up to Rs 6,000 crore, mop up growth capital and fund the company’s aggressive expansion plans,” one of the sources said. The source also added that a final decision on the size of the share sale had not been made yet.

Buoyed by the news of a possible IPO for its parent company, at 12.27 pm, shares of Shiva Cement were trading nearly 16 percent higher at Rs 59.75 on the NSE despite coming off its day’s high.

Volumes in the counter also shot up as 22 lakh shares changed hands, significantly higher than the one-month daily traded average of 2 lakh shares.

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If JSW Cement’s listing plans come to fruition, it could become the largest IPO in the cement sector since the Nirma group-backed Nuvoco Vistas’ Rs 5,000 crore IPO in August 2021.

The plan to list JSW Cement, also comes after the recent listing of JSW Infrastructure, which marked the group’s first public offering in 13 years.

Also Read | Exclusive: Post JSW Infra listing, now JSW Cement picks bankers and kicks off mega Rs 6,000-cr IPO

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