JSW Cement IPO Date, Review, Price and Key Information

Jsw Cement IPO is fully book build issue and total IPO size is ₹4000 crores. The offering includes a fresh issue worth ₹2000 crores and an offer for sale of ₹2000 crores.

The dates for the Jsw Cement IPO have not been announced yet. The allotment process is expected to be finalized by [.].

The price band for the Jsw Cement IPO has not been announced yet. The Jsw Cement IPO is scheduled to list on BSE and NSE with a tentative listing date of [.].

Registrar for this IPO is KFin Technologies Limited and lead managers for Jsw Cement IPO are JM Financial, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs Securities, Jefferies India, Kotak Mahindra Capital, SBI Capital Markets.

IPO Schedule

IPO Open Date	-
IPO Close Date	-
IPO Allotment Date	-
Refund Initiation	-
Share credit in Demat	-
Listing Date	-

Key Details

Price Band	TBA
Lot Size	TBA
Face Value	₹10 Per Equity Share
Total Issue Size	₹4,000.00 Crores
Fresh Issue	₹2,000.00 Crores
OFS Issue	₹2,000.00 Crores
Issue Type	Fresh Issue and Offer for Sale
Listing At	NSE & BSE

Share Reservation

Investor Category	Shares Offered
QIB	50%
Retail	35%
NII/HNI	15%

About JSW Cement Limited Company

About the Company

JSW Cement is the fastest-growing cement manufacturer in India based on increased grinding capacity and sales volume between Fiscal Year 2014 and Fiscal Year 2024. The company has grown organically, with in-house project management facilitating expansion.

As of March 31, 2024, JSW Cement's Installed Grinding Capacity was 20.60 MMTPA, distributed across Southern (11.00 MMTPA), Western (4.50 MMTPA), and Eastern (5.10 MMTPA) India. Installed Clinker Capacity was 6.44 MMTPA. Further expansion plans are underway to increase Installed Grinding Capacity to 40.85 MMTPA and Installed Clinker Capacity to 13.04 MMTPA, creating a pan-India presence.

JSW Cement is India’s largest manufacturer of Ground Granulated Blast Furnace Slag (GGBS), an eco-friendly product. In Fiscal Year 2024, the company held an 82.70% market share in GGBS sales. Green cementitious products, including those with GGBS, Portland Slag Cement (PSC), and Portland Composite Cement (PCC), constituted 80.68% of sales volume in Fiscal Year 2024. The company's Clinker to Cement Ratio of 46.60% is lower than the peer average of 66.43%.

Founded in 2009, JSW Cement now operates seven plants in India. These comprise one integrated unit, one clinker unit, and five grinding units across multiple states. JSW Cement FZC operates a clinker unit in the UAE, which supplies the Dolvi grinding unit in western India and third-party customers.

The company controls 10 limestone mines in India and one in the UAE. Long-term contracts ensure a consistent supply of raw materials such as blast furnace slag from JSW Steel. Plants are strategically located near limestone mines and well-connected by road and rail, facilitating cost-effective sourcing of raw materials. JSW Cement also emphasizes sustainable processes, utilizing industrial by-products as raw materials and co-processing industrial waste as alternate fuel sources. The company uses green power sources such as solar panels and Waste Heat Recovery Systems (WHRS) across several plants.

As of March 31, 2024, JSW Cement distributes its products through a network of 5,043 dealers, 10,412 sub-dealers, and 164 warehouses. Additionally, it serves 6,268 direct customers, including builders and institutional clients. Being part of the JSW Group, a multinational conglomerate, provides synergies and a strong brand advantage. In Fiscal Year 2024, JSW Cement's revenue from operations was ₹60,28.10 crore and its Operating EBITDA was ₹1,098.93 crore.

JSW Cement Limited Financial Details

Period Ended	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	11318.91	10218.61	9272.51
Revenue	6028.10	5836.72	4668.57
Profit After Tax (PAT)	62.01	104.04	232.65
Net Worth	2385.48	2240.74	2112.03
Reserves and Surplus	1478.33	1305.75	1144.30
Total Borrowing	5835.76	5421.54	4622.06

₹ In Crore

Key Performance Indicator

Basic EPS	Return on Net Worth	Net Asset Value	Debt-Equity Ratio	Return on Equity	Return on Capital Employed
0.91	3.64%	24.99	NA	2.60%	11.08%

Offer Objectives

The Offer involves certain conditions and restrictions, particularly concerning lock-in periods for various Equity Shares.

Promoter Contribution: Equity Shares acquired by Promoters within one year preceding the offer at a price lower than the offer price are excluded from the Promoters’ Contribution. Additionally, the Promoters' Equity Shares should not be subject to any pledge or encumbrance.

Lock-in Details: Besides the Promoters' Contribution and ESOP shares, the entire pre-offer equity share capital is locked in for six months from the Allotment date. Venture capital funds, AIF Category I or II, and foreign venture capital investors have a lock-in of at least six months from the purchase date.

Anchor Investors: Equity Shares allotted to Anchor Investors have a lock-in period of 90 days for 50% of the shares and 30 days for the remaining 50% from the Allotment date.

Pledging and Transfer: Locked-in Equity Shares held by Promoters can be pledged as collateral for a loan with certain financial institutions. Transfers of locked-in shares are permitted to Promoter Group members or other shareholders with locked-in shares, subject to continued lock-in and compliance with Takeover Regulations.

Offer Details: The offer includes a fresh issue of Equity Shares aggregating up to ₹2,000 crore and an offer for sale aggregating up to ₹2,000 crore by the Selling Shareholders. The Net Proceeds from the Fresh Issue are proposed to be utilized for part-financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan, prepayment or repayment of borrowings, and general corporate purposes.

Utilization of Funds: ₹800 crore is for establishing the new cement unit, and ₹720 crore is for repaying borrowings. The amount for general corporate purposes is yet to be finalized.

Project Financing: The establishment of the new integrated cement unit will be part-financed by the Net Proceeds from this offer and the rest is covered by a project loan.