JSW Cement, a part of the JSW Group, has set the price band at ₹139-147 per share for its upcoming initial public offering (IPO), which will open for subscription on August 7, 2025. The IPO of the Sajjan Jindal-promoted cement company comprises a fresh issue of equity shares worth ₹1,600 crore and an offer for sale (OFS) amounting to ₹2,000 crore by existing shareholders.

Under the OFS, AP Asia Opportunistic Holdings Pte. Ltd. and Synergy Metals Investments Holding will offload shares worth ₹937.50 crore each, while State Bank of India (SBI) will pare its stake by ₹125 crore.

The company has reduced the size of the fresh issue by ₹400 crore from the ₹2,000 crore proposed in the Draft Red Herring Prospectus (DRHP) filed with capital markets regulator Sebi.

According to the DRHP, JSW Cement aims to use ₹800 crore for funding the cost of establishing a new integrated cement unit at Nagaur (Rajasthan), and ₹720 crore to repay debts availed by it. A part of the capital will be utilised to meet general corporate purposes. As of March 31, 2024, the total debt under the various financing arrangements of the company stood at ₹5,835.76 crore.

The three-day JSW Cement IPO will close on August 11, while the allotment of shares is expected to be finalised on August 12. The cement stock is set to be listed on the BSE and the NSE on August 14, 2025.

This is going to be the first major public offering in the cement space since Nuvoco Vistas' ₹5,000 crore issue in August 2021. Also, this will become the fourth company of the steel-to-power conglomerate to get listed on the domestic bourses after JSW Infrastructure on October 3, 2023.

The JSW group company plans to set up a greenfield integrated cement unit at Nagaur, consisting of clinker capacity of 3.30 million tonnes per annum (MTPA) along with grinding capacity of 2.50 MTPA. The Nagaur project will utilise limestone to manufacture clinker which shall further be milled to produce ordinary portland cement (OPC) and portland pozzolana cement (PPC).

In May 2024, Parth Jindal, Managing Director of JSW Cement, announced plans to invest around ₹3,000 crore for establishing a cement plant in Nagaur, to be financed through a mix of equity and long-term debt. Besides, in February last year, the company had announced plans to establish mega projects in Odisha, including a 10 MTPA cement plant, a 900 MW power plant, a 52 MTPA greenfield jetty port, and a 13.2 MTPA steel plant. This venture was slated to involve a cumulative investment of ₹65,000 crore.

Currently, JSW Cement has plants in Karnataka's Vijayanagar, Andhra Pradesh's Nandyal, West Bengal's Salboni, Odisha's Jajpur, and Maharashtra's Dolvi.

JM Financial Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, DAM Capital Advisors Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer. 

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