JSW Cement Revises IPO Plans

JSW Cement, a key player in the building materials sector under the Sajjan Jindal-led JSW Group, has announced a revised initial public offering (IPO) size of Rs 3,600 crore. The public subscription is scheduled to commence on August 7, as detailed in the final red herring prospectus submitted to Sebi.

IPO Composition and Adjustments

The IPO structure includes a fresh issue of equity shares amounting to Rs 1,600 crore and an offer for sale (OFS) totaling Rs 2,000 crore. This adjustment reflects a decrease from the initial target of Rs 4,000 crore, which was planned to be equally divided between fresh issuance and OFS.

Key Dates and Shareholder Details

The offer is set to conclude on August 11, with anchor investor bidding taking place on August 6. Notable selling shareholders include Apollo Management’s affiliate AP Asia Opportunistic Holdings Pte Ltd, Synergy Metals Investments Holding Ltd, and State Bank of India, each offloading shares worth significant amounts.

Utilization of Proceeds

Proceeds from the fresh issue are earmarked for funding a new integrated cement unit in Nagaur, Rajasthan, and for prepayment or repayment of borrowings, with the remainder allocated for general corporate purposes.

Financial Performance and Capacity

JSW Cement reported a revenue of Rs 5,813.1 crore in FY25, alongside a loss of Rs 163.77 crore. The company boasts a grinding capacity of 20.60 MMTPA, with operations spanning several states and a notable market share in GGBS production.

IPO Management and Listing

The IPO is managed by a consortium of leading financial institutions, with shares to be listed on both the BSE and NSE.