BENGALURU (Reuters) – India’s markets regulator has put JSW Cement’s recently filed $477 million initial public offering on hold, an update on the regulator’s website showed on Monday.
The Securities and Exchange Board of India did not give a reason for the decision, and neither SEBI nor the company immediately responded to Reuters’ requests for additional details.
The cement arm of billionaire Sajjan Jindal’s steel-to-energy JSW Group had filed for its IPO in August in a bid to cash in on the country’s red-hot equities market and strong demand for the construction material.
Producers in India’s competitive cement market – expected to roughly double to $49.2 billion by 2029 from 2022 levels – stand to benefit from an expected infrastructure spending spurt following Prime Minister Narendra Modi’s return to power.
India’s IPO market is booming, with 150 companies having raised almost $5 billion between January and July, nearly double the amount for the same period of last year.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Tomasz Janowski and Jan Harvey)
