JSW Cement has set the stage for one of the most closely watched public offerings in India’s infrastructure sector, securing ₹1,080 crore from anchor investors ahead of its ₹3,600 crore IPO.
Key Backers Include Global Investment Giants
A day before the IPO opened for public subscription, JSW Cement confirmed the participation of high-profile anchor investors. The anchor book includes global financial heavyweights such as Nomura, the Abu Dhabi Investment Authority, Goldman Sachs, the Government of Singapore, and Morgan Stanley Investment Fund. Leading Indian institutional investors like SBI Mutual Fund, Nippon India MF, Tata MF, Aditya Birla Sun Life MF, Motilal Oswal MF, and SBI Life Insurance also took part.
A total of 7.34 crore shares were allotted to 52 anchor funds at ₹147 per share, collectively accounting for the ₹1,080 crore raised in the anchor round.
IPO Details and Strategic Intent
The IPO will run from August 7 to August 11, with a price band of ₹139-147 per equity share. At the upper limit, JSW Cement is poised to command a valuation of ₹20,000 crore.
The public issue includes:
- ₹1,600 crore of fresh equity shares
- ₹2,000 crore Offer for Sale (OFS) by existing investors, including Apollo Management (via AP Asia Opportunistic Holdings), Synergy Metals Investments Holding, and State Bank of India.
Proceeds from the fresh issue are earmarked for:
- ₹800 crore to develop a new integrated cement plant in Nagaur, Rajasthan
- ₹520 crore for debt repayment
- The remainder for general corporate purposes
Operational Performance and Adjustments
Despite consistent profitability in FY23 and FY24, JSW Cement reported a net loss of ₹163.77 crore in FY25. Revenue from operations for the year stood at ₹5,813 crore, marginally down from ₹6,028 crore the previous year.
As of March 31, 2025, the company’s total borrowings stood at ₹6,166 crore, highlighting the importance of the IPO’s capital infusion in improving the company’s financial leverage.
Originally, the company aimed to raise ₹4,000 crore, but the fresh issue was scaled down by ₹400 crore. According to Managing Director Parth Jindal, the revision reflects “current business needs” and a desire to preserve headroom for potential future equity dilution. He noted that conditions in the cement sector were more uncertain at the time the original plans were filed.
What This Means for India’s Cement Sector
This IPO signals a broader shift within India’s cement industry toward consolidation, scale, and capex-driven expansion. As infrastructure investment continues to climb, capacity growth and financial restructuring will be central to staying competitive.
JSW Cement’s public listing is not just a liquidity event — it’s a bold play to capture long-term value in an industry critical to India’s economic development.
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IMAGE: JSW Cement
