JSW Cement Postponed Its IPO Plans Due To The New Expansion Of Its Business
Earlier December 2018, JSW Group had planned to go public through the public offering by 2020. On 27th November, the official of JSW Cement released a note regarding JSW Cement IPO Plans. It has postponed its public offer by a year to 2021.
In 2018, the officials of JSW planned to provide 20 million tonnes of cement per annum by 2020. However, the economic slowdown has pushed it to revise its growth plans. JSW’s listing plans have delayed by 12 months, said by a source.
The IPO postposed decision is linked to the new expansion road map that the firm described.
Currently, the company can provide up to 14 million tons of cement per annum. Now, it targets to reach the least of 25 million tons of cement by 2023.
At present, JSW Cement is in the 9th position in the country. Once, it expands its business, the company will occupy fifth place in the top 5 companies associated with the cement market.
JSW Cement is a subsidiary of JSW Group. The company provides cement and ground granulated BF slag. JSW Group’s plans to raise over Rs 2,500 crore from the public offer. Moreover, these funds will utilize the expansion of its cement capacity to provide over 35 million tonnes per annum.
The company is in discussion with some of the shareholders. Because of the few of its members want to exit from this company due to the various reasons. Then it will announce its plans officially.