JSW Cement sets ₹139‑147 price band for ₹3,600cr IPO
What's the story
JSW Cement, a leading player in the construction industry, has announced its initial public offering (IPO) price band at ₹139 to ₹147 per equity share. The company's IPO will open for public subscription on August 7 and close on August 11. The anchor book will open a day prior, on August 6. Retail investors can bid for a minimum of 102 shares and in multiples thereof.
Offer breakdown
IPO includes a fresh issue of equity shares worth ₹1,600cr
The ₹3,600 crore IPO includes a fresh issue of equity shares worth ₹1,600 crore and an offer for sale (OFS) of shares worth ₹2,000 crore. The public issue is divided with up to 50% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors.
Investor details
Apollo Management to offload shares worth ₹931 crore
In the OFS, Apollo Management will sell shares worth ₹931.8 crore through its affiliate AP Asia Opportunistic Holdings Pte Ltd. Synergy Metals Investments Holding Ltd will sell shares worth ₹938.5 crore while SBI will divest shares worth ₹129.7 crore. The company plans to use ₹800 crore to partly fund a new integrated cement facility in Nagaur, Rajasthan and another ₹520 crore for repayment/prepayment of existing borrowings.
Business growth
JSW Cement's revenue from operations in FY24
JSW Cement reported a revenue of ₹6,028 crore from operations in FY24, up from ₹5,837 crore in the previous year. However, its net profit during the period declined to ₹62 crore from ₹104 crore in FY23. The company has seven plants across India and an installed grinding capacity of 20.6 million metric tons per annum (MMTPA) as of March 31, 2025.