Shiva Cement shares surged more than 18% after reports suggested that its parent company, JSW Cement, is planning for a Rs 6,000 crore initial public offering (IPO).

Shares of Shiva Cement hit an intraday high of Rs 61.20, up 18.5% from its last closing price on the National Stock Exchange (NSE). The stock closed 14.23% higher than its previous closing price at Rs 58.99. 

Multiple media sources surfaced on January 10, stating that the JSW Group is in talks with investment bankers to facilitate the IPO of its group company, JSW Cement. However, a final decision on the size of the share sale had not been made yet. 

As per the reports, the company aims to raise up to Rs 6,000 crore as growth capital to fund the company’s aggressive expansion plans. 

If JSW Cement’s listing plans materialise, it could become the largest IPO in the cement industry since the Nuvoco Vistas’ mega Rs 5,000 crore IPO in August 2021. This would also be the JSW group’s second listing in 13 years after the recent listing of JSW Infrastructure.