India's markets regulator puts JSW Cement's $477 million IPO on hold

India's markets regulator has put JSW Cement's JSWC.NS recently filed $477 million initial public offering on hold, an update on the regulator's website showed on Monday.

The Securities and Exchange Board of India did not give a reason for the decision, and neither SEBI nor the company immediately responded to Reuters' requests for additional details.

The cement arm of billionaire Sajjan Jindal's steel-to-energy JSW Group had filed for its IPO in August in a bid to cash in on the country's red-hot equities market and strong demand for the construction material.

Producers in India's competitive cement market - expected to roughly double to $49.2 billion by 2029 from 2022 levels - stand to benefit from an expected infrastructure spending spurt following Prime Minister Narendra Modi's return to power.

India's IPO market is booming, with 150 companies having raised almost $5 billion between January and July, nearly double the amount for the same period of last year.