JSW Cement IPO: Price band set at Rs 139-147; check key dates, issue details, and more

JSW Cement has announced the price band for its upcoming initial public offering (IPO) at Rs 139 to Rs 147 per equity share, with a face value of Rs 10. The Rs 3,600 crore IPO will open for public subscription on Thursday, August 7, and close on Monday, August 11.

The anchor book will open a day prior, on Wednesday, August 6. Retail investors can bid for a minimum of 102 shares and in multiples thereof.

JSW Cement IPO Structure and Allocation

The IPO comprises a fresh issue of equity shares worth Rs 1,600 crore and an offer for sale (OFS) of shares aggregating to Rs 2,000 crore. The public issue has been structured with up to 50% reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and at least 35% for retail investors.

Within the OFS, Apollo Management, through its affiliate AP Asia Opportunistic Holdings Pte Ltd, will sell shares worth Rs 931.80 crore, while Synergy Metals Investments Holding Ltd will offer shares valued at Rs 938.50 crore, and the State Bank of India (SBI) will divest shares totalling Rs 129.70 crore.

Synergy Metals is a subsidiary of a private equity fund founded in 2015 by former ArcelorMittal executive Sudhir Maheshwari.

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Use of Proceeds

According to the draft documents, JSW Cement plans to allocate Rs 800 crore to partly fund a new integrated cement facility in Nagaur, Rajasthan, and Rs 520 crore for the repayment or prepayment of its existing borrowings. The remaining funds will be designated for general corporate expenditures.

Mumbai-based JSW Cement had initially planned to raise Rs 4,000 crore—split equally between a fresh issue and an offer for sale (OFS). However, as per the latest Red Herring Prospectus (RHP), the size of the fresh issue has been reduced by Rs 400 crore.

JSW Cement IPO Key Dates

The basis of allotment is expected to be finalised on Tuesday, August 12. Refunds will be processed on Wednesday, August 13, and shares will be credited to demat accounts the same day. The stock is likely to debut on the BSE and NSE on Thursday, August 14.

Financial Performance

JSW Cement reported Rs 6,028 crore in revenue from operations in FY24, up from Rs 5,837 crore a year earlier. However, net profit fell to Rs 62 crore from Rs 104 crore in FY23.

JSW Cement IPO Lead Managers

JM Financial, Axis Capital, Citigroup, and Kotak Investment Banking are the book-running lead managers for the IPO.

Company Details

JSW Cement, a part of the JSW Group, manufactures eco-friendly cement with a focus on sustainability and innovation in the construction sector.

The company operates seven plants across India, including one integrated unit, one clinker unit, and five grinding units. These facilities are located in Andhra Pradesh (Nandyal), Karnataka (Vijayanagar), Tamil Nadu (Salem), Maharashtra (Dolvi), West Bengal (Salboni), and Odisha (Jajpur), along with the majority-owned clinker unit of Shiva Cement in Odisha.

As of 31 March 2025, JSW Cement had a total installed grinding capacity of 20.60 million metric tonnes per annum (MMTPA), distributed across regions as follows: 11.00 MMTPA in the South, 4.50 MMTPA in the West, and 5.10 MMTPA in the East.

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