JSW Cement, a part of the Sajjan Jindal-led JSW Group, will open its initial public offering (IPO) for subscription on August 7, aiming to raise Rs 3,600 crore.
The offer, which will close on August 11, marks a trimmed-down version of the company’s earlier plan to raise Rs 4,000 crore through a combination of fresh equity and an Offer for Sale (OFS). Anchor investors will get access to the issue on August 6, according to the latest Red Herring Prospectus (RHP) filed on Friday.
The IPO includes a fresh issue of equity shares worth Rs 1,600 crore and an OFS component of up to Rs 2,000 crore by existing shareholders. Among those exiting partially, Apollo Management, through its affiliate AP Asia Opportunistic Holdings Pte Ltd, will sell shares worth Rs 931.80 crore. Synergy Metals Investments Holding Ltd will divest Rs 938.50 crore worth of shares, and State Bank of India will offload shares valued at Rs 129.70 crore.
Synergy Metals is associated with a private equity fund founded by former ArcelorMittal executive Sudhir Maheshwari.
Utilisation Of IPO Proceeds
The company plans to deploy Rs 800 crore from the fresh issue to finance a new integrated cement facility in Nagaur, Rajasthan. An additional Rs 520 crore will be used to repay or prepay outstanding loans. The remaining proceeds will go towards general corporate expenses.
Regulatory Journey And Financial Snapshot
JSW Cement filed draft IPO papers with the Securities and Exchange Board of India (SEBI) in August 2024. Although the process faced a regulatory hold in September, SEBI approved the offering in January 2025.
As of March 31, 2025, the company had total borrowings of Rs 6,166.6 crore. Revenue from operations stood at Rs 5,813.1 crore for FY25, down slightly from Rs 6,028.1 crore in FY24. The company slipped into a loss of Rs 163.77 crore in FY25, compared to a profit of Rs 62 crore in the previous year and Rs 104 crore in FY23.
Market Presence And Operations
JSW Cement currently has an installed grinding capacity of 20.6 million metric tonnes per annum (MMTPA). It is India’s largest producer of ground granulated blast furnace slag (GGBS), an environmentally friendly cement substitute, with an 84% market share in FY25, according to a CRISIL report.
Its manufacturing footprint spans units in Karnataka, Andhra Pradesh, West Bengal, Odisha, and Maharashtra. It also operates a clinker unit in Odisha through its subsidiary, Shiva Cement.
Listing And Issue Management
The IPO is being managed by a consortium of investment banks including JM Financial, Axis Capital, Citigroup Global Markets India, DAM Capital, Goldman Sachs (India), Jefferies India, Kotak Mahindra Capital, and SBI Capital Markets. Post-offer, JSW Cement’s shares will be listed on both the BSE and NSE.