JSW Cement's ₹3,600 Crore IPO is Set to Open on August 7

JSW Cement, the green cement arm of the Sajjan Jindal-led JSW Group, is stepping onto Dalal Street with a ₹3,600 crore initial public offering (IPO) scheduled to open on August 7 and close on August 11, as per news reports. 

Backed by private equity players Apollo Global and Synergy Metals, the Mumbai-based company is reducing its earlier plan of ₹4,000 crore to a slightly trimmed public issue.

Issue Structure and Investor Details 

As per news reports, the IPO comprises a fresh equity issue worth ₹1,600 crore and an offer for sale (OFS) of ₹2,000 crore. Within the OFS, Apollo’s AP Asia Opportunistic Holdings will divest shares worth ₹931.80 crore, Synergy Metals Investments Holding will sell ₹938.50 crore, and State Bank of India (SBI) will offload ₹129.70 crore.

The IPO is structured with up to 50% reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and at least 35% for retail participants.

The anchor book opens on August 6. The IPO has a price band of ₹139 to ₹147 per share, and allotments are expected to be finalised on August 12, with listing on the BSE and NSE set for August 14.

Use of Proceeds and Expansion Strategy

JSW Cement will use ₹800 crore from the proceeds to partly fund a new integrated cement plant at Nagaur, Rajasthan, and ₹520 crore will be used to repay or prepay borrowings. The remainder is earmarked for general corporate purposes. 

As of March 31, 2025, JSW Cement's total grinding capacity was 20.60 MMTPA. This capacity was distributed across India, with 11.00 MMTPA in the South, 4.50 MMTPA in the West, and 5.10 MMTPA in the East regions.

JSW Cement Financial Performance

For FY24, JSW Cement reported revenue from operations of ₹6,028 crore, up from ₹5,837 crore in FY23. However, net profit dropped to ₹62 crore from ₹104 crore the previous year. The company operates 7 manufacturing units across India, including locations in Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, West Bengal, and Odisha. It also holds a majority stake in Odisha-based Shiva Cement.

Also Read: JK Lakshmi Cement to Acquire 26% Stake in Renewable Energy SPV!

Conclusion

With solid backing from prominent investors and an aggressive capacity expansion plan, JSW Cement’s IPO reflects its ambitions in the highly competitive cement industry. The upcoming public listing not only fuels its long-term vision but also marks a milestone for JSW Group’s diversification in India’s core infrastructure ecosystem.

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