The Securities and Exchange Board of India (SEBI) today released its weekly processing status document for all public issues. The document shows that the market regulator has put JSW Cement’s Rs 4,000 crore initial public offering (IPO) on hold. The reasons for the action were not immediately disclosed in the document released by SEBI. However, three other IPOs got SEBI nod to float their IPOs in the same document. Typically, the abeyance period for an IPO lasts upto 90 days.
SEBI has placed JSW Cement IPO under the “kept in abeyance” category. This is the only IPO after GoDigit Insurance and NSDL to enter the abeyance category in the recent past.
JSW Cement had filed its Draft Red Herring Prospectus (DRHP) with the market regulator on August 16. The company’s Rs 4,000 crore IPO, with a face value of ₹10 each, is a mix of fresh issue of shares up to Rs 2000 crore and an offer for sale (OFS) of up to Rs 2000 crore by Investor Selling Shareholders.
The offer for sale consisted of up to Rs 937.50 crore by AP Asia Opportunistic Holdings Pte. Ltd., up to Rs 937.50 crore by Synergy Metals Investments Holding Limited, and up to Rs 125 crore by State Bank of India.