JSW Cement Is Said To Eye Mumbai IPO As Roadshow Begins

JSW Cement Ltd. has kicked off a roadshow for its planned initial public offering that could take place in Mumbai as soon as next month, according to people familiar with the matter.

JSW Cement top executives including Parth Jindal are meeting institutional investors to gauge demand and valuation, the people said, asking not to be identified because the information is private. The company may seek to raise as much as 40 billion rupees ($468 million), two of the people said.

Considerations are ongoing and details such as the timing and size may still change, they added. A representative for JSW Cement didn’t respond to a request seeking comment.

JSW Group, with interests spanning steel, energy, electric vehicles and infrastructure, has been exploring ways to unlock value at some of its businesses. It listed JSW Infrastructure Ltd. in late 2023.

JSW Cement could be joining a swelling pipeline of summer listings in India, where the central bank cut rates by a bigger-than-expected 50 basis points last week, a move that could spur companies to speed up public listing plans.

In its draft red herring prospectus filed in August, JSW Cement said proceeds from the listing would help fund a new cement plant in Nagaur, in the northwestern state of Rajasthan, and to repay debt.

The listing could help JSW Cement strengthen its balance sheet and compete more aggressively in a market dominated by UltraTech Cement Ltd. and the Adani Group.