JSW Cement has filed the final prospectus for its forthcoming INR36bn (US$410m) initial public offer (IPO) which will be open from 7-11 August 2025.
Of the total, the company is raising INR16bn through a fresh issue, while the remainder is an offer for sale by selling shareholders which include AP Asia Opportunistic Holdings Pte, Synergy Metals Investments Holding and State Bank of India.
The IPO size has been reduced from the earlier proposed INR40bn. Funds raised through the fresh issue will be used to part-finance the cost of establishing a new integrated cement unit at Nagaur, Rajasthan, and to repay some debt.
This will be the fifth JSW group company to be listed after JSW Steel, JSW Energy, JSW Infrastructure and JSW Holdings.
Organic growth
In FY24-25 the company made a loss of INR1.14m compared to INR0.9m profit year ago. Speaking to the Indian media, JSW Cement’s MD, Parth Jindal, said the company favours organic growth over the acquisitions made by some of its competitors, admitting that it lacks the same financial clout. “We have studied all the assets that were available, whether it was Orient Cement, Penna Cement or Sanghi or India Cements," Mr Jindal said. "If an UltraTech, or an Adani or Dalmia (Bharat) or a Shree (Cement) want to acquire anything, they can outmuscle JSW Cement very easily."
"If an asset becomes available in an attractive geography, we may consider it, but the prices and benchmarks for these acquisitions that have been set by the leading players, making our organic story much more appealing and value accretive than any acquisition."
JSW Cement currently has a three per cent market share in the domestic market, which it plans to increase to 7-8 per cent in the medium term, while targeting a market share of 10 per cent. India has a production capacity of more than 600Mta, dominated by the country's top five producers, with close to 300Mta coming from the top two producers, UltraTech Cement and Adani Cement.
