JSW Cement Ltd. will offer shares in the range of Rs 139-147 per share for the upcoming initial public offering this week. The Rs 3,600-crore IPO will open for bidding in the primary market on Thursday, Aug. 7, and close on Monday, Aug. 11.
On the upper price band, JSW Cement is valued at Rs 19,564 crore. It will be the sixth company from billionaire Sajjan Jindal-led JSW Group to be listed on the stock market. The last one was JSW Infrastructure Ltd., which went public in October 2023.
Through the IPO, JSW Cement aims to raise up to Rs 1,600 crore via a fresh issue, while existing shareholders, including State Bank of India, will sell shares via an offer for sale aggregating up to Rs 2,000 crore.
The company will invite institutional bids in the pre-IPO anchor round on Aug. 6.
The tentative date of allotment of shares to IPO investors will be Aug. 12 and the stock will list on the bourses on Aug. 14.
As a part of the OFS, private equity giant Apollo Management, through its affiliate AP Asia Opportunistic Holdings Pte Ltd, will be offloading shares worth Rs 932 crore, Synergy Metals Investments Holding Ltd will sell shares worth Rs 938 crore, and State Bank of India will divest shares valued at Rs 130 crore.
Synergy Metals Investments Holding is an arm of Synergy Metals and Mining Fund, a private equity fund set up in 2015 by Sudhir Maheshwari, a former executive of steelmaker ArcelorMittal.
In August 2024, JSW Cement filed preliminary IPO papers with SEBI, and later in September, the regulator kept the company's proposed initial share sale on hold. The go-ahead for the IPO was received in January.
The company will utilise Rs 800 crore from the fresh issue for part financing the cost of a new integrated cement unit at Nagaur, Rajasthan, and Rs 520 crore for repayment of debt.
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