JSW Cement IPO Approved; Plans Major Expansion

JSW Cement, part of the JSW Group, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with a Rs 4,000 crore initial public offering (IPO). The IPO will consist of a Rs 2,000 crore fresh issue of shares and a Rs 2,000 crore offer for sale by existing shareholders, including AP Asia Opportunistic Holdings and Synergy Metals Investments. The company plans to use the proceeds for a new cement plant in Nagaur, Rajasthan, debt repayment, and general corporate purposes. The IPO has reserved allocations for institutional and retail investors, with major financial institutions like JM Financial and Kotak Investment Banking acting as lead managers. JSW Cement's revenue for FY24 was Rs 6,028 crore, though net profit decreased to Rs 62 crore from Rs 104 crore in FY23. The company aims to expand its cement manufacturing capacity significantly by 2029 amidst growing cement demand in India.