JSW Cement Gets Sebi's Go Ahead for 40 Bn Via IPO

14 Jan 2025 CW Team

JSW Cement, part of Sajjan Jindal-promoted diversified JSW Group, has received Sebi's go ahead to raise Rs 40 billion through an initial public offering (IPO), an update with the markets regulator showed on Monday. The initial share sale comprises a fresh issue of equity shares worth Rs 20 billion and an Offer-for-Sale (OFS) of Rs 20 billion by investor shareholders, according to the Draft Red Herring Prospectus (DRHP) filed in August last year.

As a part of the OFS, AP Asia Opportunistic Holdings Pte Ltd and Synergy Metals Investments Holding Ltd will offload shares worth Rs 9.37 billion each, and State Bank of India (SBI) will divest shares valued at Rs 125 crore. JSW Cement filed preliminary IPO papers with Sebi in August 2023 and later in September, the regulator had kept the company's proposed initial share-sale on hold. On January 6, the regulator finally gave its observation on January 6.

As of March 31, 2024, it has an installed grinding capacity of 20.60 MTPA (million tonnes per annum) and has an ambition to reach an aggregate capacity of 60 MTPA. The company presently operates manufacturing operations at units based at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra. JSW Cement through its subsidiary Shiva Cement operates a clinker unit in Odisha.

JM Financial Ltd, Axis Capital Ltd, Citigroup Global Markets India Pvt Ltd, DAM Capital Advisors Ltd, Goldman Sachs (India) Securities Pvt Ltd, Jefferies India Pvt Ltd, Kotak Mahindra Capital Company Ltd and SBI Capital Markets Ltd are responsible for managing the company's IPO process.

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