JSW Cement, part of the JSW Group led by Sajjan Jindal, has decided to reduce the size of its IPO (Initial Public Offering) to ₹3,600 crore. The public issue will open on August 7 and close on August 11, as per the company’s final filing with SEBI (market regulator).
Here’s a breakdown of the IPO:
- Fresh issue of shares: ₹1,600 crore
- Offer for sale (OFS): ₹2,000 crore
Earlier, the company had planned to raise ₹4,000 crore, but it has now cut the amount.
Who’s Selling Shares in the OFS?
- AP Asia Opportunistic Holdings Pte Ltd (Apollo Group): ₹931.8 crore
- Synergy Metals Investments Holding Ltd (linked to former ArcelorMittal exec Sudhir Maheshwari): ₹938.5 crore
- State Bank of India (SBI): ₹129.7 crore
How Will JSW Cement Use the Funds?
- ₹800 crore will be used to help build a new cement plant in Nagaur, Rajasthan
- ₹520 crore will go towards paying off debts
- The rest will be used for general business needs
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Background & Financials
JSW Cement first filed for the IPO in August 2024, but it was put on hold. SEBI approved it on January 6, 2025.
Financial performance:
- Revenue in FY25: ₹5,813.1 crore (down from ₹6,028.1 crore in FY24)
- Loss in FY25: ₹163.77 crore (compared to ₹62 crore profit in FY24)
- Total debt as of March 2025: ₹6,166.6 crore
Company Overview
- Production capacity: 20.60 million tonnes per annum (MMTPA)
- Plants located in: Karnataka, Andhra Pradesh, West Bengal, Odisha, Maharashtra
- Subsidiary Shiva Cement owns a clinker unit in Odisha
- Top producer of GGBS (Ground Granulated Blast Furnace Slag) in FY25 with an 84% market share (as per CRISIL)
IPO Managers & Listing
The IPO is managed by JM Financial, Axis Capital, Citigroup, DAM Capital, Goldman Sachs, Jefferies, Kotak Mahindra Capital, and SBI Capital Markets. Shares will be listed on BSE and NSE.
