JSW Cement shares surge 4% on day 2 of trading, regain ground above IPO price
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Shares of JSW Cement jumped as much as 4% on Monday to Rs 152 on the BSE, taking the stock back above its issue price of Rs 147 on its second day of trading, after a rocky market debut last week. The session comes after the cement maker’s listing on Thursday, August 14, when the stock opened at Rs 153 but quickly reversed, sliding over 5% to Rs 145.05. Markets were shut on Friday for the Independence Day holiday, making Monday effectively its second trading day. Debut stumble, quick recovery JSW Cement’s Rs 3,600-crore IPO had listed at a premium of about 4% but lost momentum in its debut session, erasing early gains that had topped grey-market expectations. Still, the issue was fully subscribed, drawing 7.77 times bids, led by qualified institutional buyers with 15.8 times demand. Non-institutional investors subscribed 10.97 times, while retail participation was at 1.81 times. Analyst caution Shivani Nyati, Head of Wealth at Swastika Inv...