JSW Cement to raise ₹4,000 through IPO, files draft documents with Sebi, Rajasthan cement unit to be set up

The issue consists of a ₹2,000 crore fresh equity sale and a ₹2,000 crore offer for sale (OFS).

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The funds are to be utilised for establishing a cement unit in the Nagaur district of Rajasthan, repaying certain borrowings, and other general purposes.

The company said it would invest ₹3,000 crore for the greenfield Rajasthan unit, and added that it has plans to expand to markets in North and Central India, as its current presence is predominantly in Southeast and West India.

The conglomerate’s energy, ports, and steel businesses are already listed. JSW Infrastructure is the latest one before JSW Cement.

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Parth Jindal, JSW Cement MD and JSW group scion had told about the listing plan in August 2023, adding that the proceeds are to be used for achieving the group’s 60 million tonnes per annum (MTPA) plan. Currently, it produces 20.60 MTPA.

JSW Cement had entered into agreements with private equity (PE) investors like Apollo Global Management and Synergy Metals Investments Holding in July 2021 to raise ₹1,500 crore.

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