India’s SEBI puts temporary stop on JSW Cement IPO

India’s Securities and Exchange Board (SEBI) has put a temporary halt on the initial public offering (IPO) of JSW Cement. The IPO included a new equity issuance and an offer for sales from existing shareholders.

The cement company had filed its draft prospectus in August 2024 and aimed to raise ~INR40bn. JSW cement had planned to use the proceeds to partially finance the construction of a new cement plant in Nagaur, Rajasthan, as well as to repay existing debt and fund other general corporate requirements.

SEBI did not disclose the reasons for placing the IPO in abeyance, leaving the market speculating about regulatory concerns.