JSW Cement Secures Sebi Nod for Rs.4,000 Cr IPO

10 Jan 2025 CW Team

JSW Cement, a part of the Sajjan Jindal-led JSW Group, has received approval from the Securities and Exchange Board of India (Sebi) for its ?40 billion initial public offering (IPO). The company had submitted its draft red herring prospectus (DRHP) on August 17.

The IPO will comprise a fresh equity issue of Rs 20 billion and an offer-for-sale (OFS) of Rs 20 billion from existing shareholders, including Apollo Global Management, Synergy Metals Investment Holding, and SBI.

Industry Milestone This marks the first significant cement sector IPO since Nuvoco Vistas' Rs 50 billion offering in 2021. It also follows the JSW Group's IPO for JSW Infrastructure in October 2023, breaking a 13-year gap for the conglomerate in Dalal Street listings.

Expansion and Utilization Plans Proceeds from the IPO will fund key projects, including Rs 8 billion for a new integrated cement unit in Nagaur, Rajasthan, ?7.2 billion for debt repayment, and the remainder for general corporate purposes. JSW Cement, known for its focus on green cement, aims to double its installed grinding capacity to 40.85 MMTPA and clinker capacity to 13.04 MMTPA in the coming years, with a long-term target of 60 MMTPA.

Market Context The approval comes amid fierce competition in the cement sector, with M&A battles between UltraTech Cement and the ACC-Ambuja combine. The sector's dynamics make JSW Cement’s listing a notable development.

Investment banks, including JM Financial, Kotak Mahindra Capital, and Goldman Sachs, are managing the IPO. Khaitan and Co is the legal advisor.

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