JSW Cement Cuts IPO Size To $415 Million; Set To Launch In Early August

News18

25-07-2025

JSW Cement, led by Parth Jindal and a part of the diversified JSW Group, is planning to reduce the size of its upcoming IPO
JSW Cement, led by Parth Jindal and a part of the diversified JSW Group, is planning to reduce the size of its upcoming initial public offering (IPO) from $462 million (Rs 4,000 crore) to $415 million (Rs 3,600 crore), according to a report by Moneycontrol, which cited multiple industry sources familiar with the matter. The revised structure involves cutting the primary issue size from Rs 2,000 crore to Rs 1,600 crore, while keeping the offer-for-sale (OFS) component steady at Rs 2,000 crore.
One of the sources told Moneycontrol that the updated draft red herring prospectus (UDRHP) has already been filed with the market regulator, and the company is aiming to launch the IPO in early August, possibly in the week of August 4. Another source added that JSW Cement is targeting a valuation of around $2.3 billion (Rs 20,000 crore) for the offering.
If launched, this would mark the first IPO from a large Indian cement player since Nuvoco Vistas' Rs 5,000 crore listing in August 2021, which was backed by the Nirma Group. It also comes less than a year after JSW Infrastructure's public listing in October 2023—the first IPO from the JSW Group in 13 years.
JSW Cement's IPO plans arrive at a time of heightened consolidation and competitive intensity in India's cement sector, which has seen a series of mergers and acquisitions involving top players like UltraTech Cement (Aditya Birla Group) and the ACC-Ambuja combine (Adani Group). JSW Cement had earlier acquired Shiva Cement in 2017, which now acts as a clinker supplier—a key ingredient in cement manufacturing—for the parent company.
The IPO is being managed by a consortium of investment banks including JM Financial, Kotak Mahindra Capital, Jefferies, Axis Capital, Citi, Goldman Sachs, DAM Capital, and SBI Capital Markets. Khaitan & Co is acting as the company's legal counsel.
JSW Cement's Expansion Plans
JSW Cement focuses on manufacturing green cementitious products such as portland slag cement, portland composite cement, and ground granulated blast furnace slag. The company also produces ordinary portland cement and a range of allied products including ready-mix concrete, construction chemicals, waterproofing compounds, and screened slag.
As of March 2024, the company had an installed grinding capacity of 20.60 million metric tonnes per annum (MMTPA) and clinker capacity of 6.44 MMTPA. According to the DRHP, proceeds from the fresh issue will be utilised for setting up a new integrated cement plant in Nagaur, Rajasthan, repaying debt, and general corporate purposes.
Founded in 2009 in southern India, JSW Cement currently operates seven plants across the country. The company aims to more than double its grinding capacity to 40.85 MMTPA and clinker capacity to 13.04 MMTPA in the coming years. Its long-term target is to reach a total cement production capacity of 60 MMTPA.
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