JSW Cement IPO: Company raises Rs 1,080 crore from anchor investors ahead of issue
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JSW Cement IPO Structure and Allocation
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JSW Cement, whose initial public offering (IPO) will open for subscription on Thursday, raised Rs 1,080 crore from 52 anchor investors on Wednesday. The company allotted over 7.3 crore shares at the upper price band of Rs 147 per equity share.Out of the total allocation, 44.45% shares have been allocated to 9 domestic mutual funds, which have applied through a total of 20 schemes. MFs paid Rs 480 crore to buy these shares.Over 22% of the anchor quota was allocated to 6 funds of SBI Mutual Fund with SBI Multicap Fund accounting for lion's share at 10.19%. It is followed by SBI Flexicap Fund at 9.26%. Others include Tata Large Cap Fund, Motilal Oswal Large Cap Fund, Baroda BNP Paribas Small Cap, Bandhan Small Cap Fund.Among the foreign funds are Blackrock Emerging Frontiers Master Fund Limited, Nomura Funds Ireland, Government of Singapore and Morgan Stanley Investment Fund. JSW Cement IPO GMP today:The IPO of JSW Cement Limited is commanding a grey market premium (GMP) of Rs 5, down from Rs 19 on Monday, indicating a 3.40% uptick.JSW Cement has announced the price band of 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 IPO is trading at a grey market premium of Rs 20–21, suggesting a potential listing gain of around 13.61% over the issue price of Rs 147 per share.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.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.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.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.JM Financial, Axis Capital, Citigroup, and Kotak Investment Banking are the book-running lead managers for the IPO.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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