Shiva Cement shares soared 18.5% on January 11, amid reports of its parent company, JSW Cement’s plans for a mega Rs 6,000-crore initial public offering (IPO).
The JSW Group has roped in investment bankers to facilitate the IPO of its group company JSW Cement, with the target of raising up to Rs 6,000 crore, mopping up growth capital, and funding the company’s aggressive expansion plans.
A final decision on the size of the share sale has not been made yet. Buoyed by the news of a possible IPO for its parent company, Shiva Cement shares were trading nearly 16% higher at Rs 59.75 on the NSE despite coming off its day’s high