Mumbai : India’s capital market regulator Securities and Exchange Board of India (SEBI) has put JSW Cement’s recently filed $477 million initial public offering (IPO), on hold, according to an update on the regulator’s website on Monday. The Securities and Exchange Board of India (SEBI) did not provide a reason for the decision.
JSW Cement, part of billionaire Sajjan Jindal’s diversified JSW Group, which spans industries from steel to energy, had filed for the IPO in August, aiming to capitalize on the booming equities market and strong demand for construction materials in India.
Cement producers in India’s highly competitive market, which is projected to nearly double to $49.2 billion by 2029 from 2022 levels, are poised to benefit from an anticipated surge in infrastructure spending following Prime Minister Narendra Modi’s re-election.
