BENGALURU, Aug 16 Reuters India39;s JSW Cement filed draft papers for an initial public offering worth up to 40 billion rupees 476.7 million on Friday, aiming to cash in on the country39;s booming stock market and strong demand for the building material.

The company, part of billionaire Sajjan Jindal39;s JSW Group, will issue new shares worth up to 20 billion rupees. Existing shareholders are set to sell shares worth up to 20 billion rupees, the draft papers showed.

JM Financial, Axis Capital, Citi group, Kotak Investment Banking are among the bookrunning lead managers of the IPO.

1 83.9110 Indian rupees

Reporting by Hritam Mukherjee and Manvi Pant in Bengaluru; Editing by Janane Venkatraman

Source Reuters