JSW Cement gears up for Rs 3,600cr D-St debut
Mumbai: After months of delay and a truncated equity offering,
JSW Group
's flagship cement unit is gearing up for its debut on Dalal Street. JSW Cement will launch its Rs 3,600-crore IPO this week, reduced from the initially planned Rs 4,000 crore.
In a separate development, the group's steel unit and its Japanese partner, JFE Steel Corporation will invest Rs 5,845 crore to expand manufacturing capacity of electrical steel across their two plants to meet increasing demands.
The JSW Cement IPO, with a price range of Rs 139 to Rs 147 per share,will open on Aug 7 and conclude on Aug 11. At the higher end of the price band, JSW Cement's valuation stands at Rs 20,041 crore.
Its listed subsidiary, Shiva Cement, has a market cap of Rs 1,128 crore. Together, they will secure the seventh position among listed cement companies.
JSW Steel maintains its position as the leading steel company with a market value of Rs 2.7 lakh crore. The JSW Cement IPO follows two years after the group's JSW Infrastructure went public in 2023. Investors including US's Apollo Global Management, Synergy Capital (founded by former Arcelor Mittal executive Sudhir Maheshwari), and the State Bank of India, will partially sell their JSW Cement shares worth Rs 2,000 crore during the IPO.
by Taboola
by Taboola
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Their total stake will fall to 7% post- IPO from 19%. Promoters Sajjan Jindal and family, currently holding about 79% of JSW Cement, will see their stake reduce to 72% as the company issues fresh shares worth Rs 1,600 crore through the IPO. The fresh equity proceeds will support a new cement facility in Nagaur, Rajasthan (Rs 800 crore) and debt reduction (Rs 520 crore).
The management said the IPO size reduction of Rs 400 crore came after an assessment of funding requirements and anticipated cash generation. Regarding Shiva's future as a separate entity or its potential merger with JSW Cement, they indicated they would evaluate options considering minority shareholders' interests and industrial rationale.
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