JSW Cement, under the leadership of Sajjan Jindal and a part of the JSW Group, has submitted preliminary documents to the Securities and Exchange Board of India (SEBI) for a ₹4,000 crore initial public offering (IPO). The IPO will involve a fresh issuance of equity shares valued at ₹2,000 crore, alongside an offer-for-sale (OFS) of ₹2,000 crore by existing shareholders.
In the OFS segment, investors AP Asia Opportunistic Holdings Pte and Synergy Metals Investments Holding will divest shares worth ₹937.5 crore each, while the State Bank of India will offer shares valued at ₹125 crore. The weighted average cost of acquisition for these shares was ₹65.19 per equity share.
The capital raised through this IPO will be allocated towards establishing a new cement plant in Nagaur, Rajasthan, repaying existing borrowings, and addressing other general corporate needs. JSW Cement plans to invest ₹3,000 crore in the greenfield project in Rajasthan and aims to extend its market presence into North and Central India, expanding beyond its current focus in Southeast and West India.
JSW Cement joins other listed entities of the conglomerate, including its energy, ports, and steel businesses.
Khaitan & Co is serving as legal counsel for JSW Cement, which includes Partners Sudhir Bassi, Madhur Kohli, Aayush Mohata and Associates Johann Valladares, Sarjana Das, Anshul Mordia, and Abhishek Iyer.
Trilegal has been engaged to advise a syndicate of eight book-running lead managers for this IPO on Indian Law. The team from Trilegal includes Partner Richa Choudhary and attorneys Avanti Kale, Maitreya Rajurkar, Ayush Khandelwal, Aman Bahl, Shivayana Balodia, and Archit Jain.
Latham & Watkins LLP has been engaged to advise syndicate of eight book-running lead managers for this IPO on International law.
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