JSW Cement IPO Opens Today; Price Band Set at ₹139–₹147 per Share

7 Aug 2025 , 10:04 AM

JSW Cement is heading to the capital markets with its ₹3,600 crore IPO, set to open on August 7. The cement arm of the diversified JSW Group has priced its public offering in the range of ₹139 to ₹147 per share.

If the issue is fully subscribed at the upper end of the band, it would peg the company’s valuation at around ₹20,000 crore. The IPO is a mix of a ₹1,600 crore fresh equity issue and a ₹2,000 crore offer for sale by some existing shareholders. Investors will have time to bid between August 7 and August 11.

Among those exiting via the OFS are Apollo Management, through its entity AP Asia Opportunistic Holdings, Synergy Metals Investments, and SBI. Synergy Metals is part of a PE fund backed by Sudhir Maheshwari, an ex-ArcelorMittal executive, and was launched in 2015.

As for how the IPO proceeds will be used, ₹800 crore from the fresh issue will go towards setting up a new cement plant in Rajasthan’s Nagaur district. Another ₹520 crore has been allocated to pare down debt, while the rest will support general business needs.

On the advisory side, a strong line-up of banks is managing the issue, including JM Financial, Axis Capital, Citi, DAM Capital, Goldman Sachs India, Jefferies, Kotak Mahindra Capital, and SBI Capital Markets.

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