JSW Cement shares end nearly 1 per cent lower after muted market debut

New Delhi, Aug 14 (PTI) Shares of JSW Cement Ltd ended with a discount of nearly 1 per cent against the issue price of Rs 147 on Thursday.

The company's stock opened at Rs 153, up 4 per cent from the issue price on the BSE. During the morning trade, it jumped 5.23 per cent to Rs 154.70. Later, it lost momentum and ended at Rs 146.05, down 0.65 per cent.

On the NSE, the stock was listed at Rs 153.50, a premium of 4.42 per cent. But later, it ended at Rs 146.07 apiece, a decline of 0.63 per cent.

The company's market valuation stood at Rs 19,911.94 crore.

In volume terms, 111.20 lakh shares of the firm were traded on the BSE and 1,052.74 lakh shares exchanged hands on the NSE during the day.

The initial public offer of JSW Cement Ltd, part of the diversified JSW Group, garnered 7.77 times subscription on the closing day of the share sale on Monday.

The company's IPO had a price band of Rs 139-147 per share.

The IPO had a fresh issue of Rs 1,600 crore of shares and Rs 2,000 crore of shares through Offer-For-Sale (OFS).

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. PTI SUM SUM SHW