JSW Cement has submitted draft papers to the Securities and Exchange Board of India (SEBI) for a ₹4,000 crore Initial Public Offering (IPO). The IPO will include up to ₹2,000 crore from new shares and an additional ₹2,000 crore from existing shares, as detailed in the documents filed on Friday.
The company plans to use the funds raised from the IPO to partially finance a new cement plant in Nagaur, Rajasthan, and to reduce some of its existing debt. JSW Cement, part of the JSW Group led by billionaire Sajjan Jindal, had previously announced its intention to list the cement division in 2024. This move follows the group’s successful public listings in energy, ports, and steel, with JSW Infrastructure being the latest addition.
Parth Jindal, Managing Director of JSW Cement and a member of the JSW family, revealed the listing plans last August, stating that the IPO proceeds will help the company achieve its goal of expanding to a 60 million tonne capacity.
The IPO comes as competitors in the cement sector are actively expanding their capacities to capture a larger market share. Cement volumes increased by 9% in fiscal 2024, and a further rise of 6-8% is anticipated for the current financial year.
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