Synergy Metals-backed JSW Cement Rs 3,600-crore IPO to hit Dalal Street on 7 August

JSW Cement IPO

JSW Cement, part of Sajjan Jindal-owned JSW Group and also backed by private equity investors Apollo Global, Synergy Metals, is set to hit Dalal Street with its Rs 3,600-crore initial share sale in the coming week on 7 August. The offer will remain open till 11 August, while the anchor book for institutional investors will be launched on 6 August. The total size of the issue, however, is lower than the earlier proposed issue of up to Rs 4,000 crore, according to the latest RHP.

The cement maker will finalise the IPO share allotment by 12 August. JSW Cement shares will be available for trading on the BSE and National Stock Exchange, effective 14 August.

The total size of the issue, however, is lower than the earlier proposed issue of up to Rs 4,000 crore, according to the latest RHP.

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Synergy Metals Investments Holding is an arm of Synergy Metals and Mining Fund, a private equity fund set up by a former executive of steelmaker ArcelorMittal, Sudhir Maheshwari, in 2015.

As per draft papers, the company will utilise proceeds worth Rs 800 crore to part-finance a new integrated cement unit at Nagaur, Rajasthan, and Rs 520 crore on prepayment or repayment of outstanding borrowings availed by it. The rest would be used for general corporate purposes.

The Mumbai-based company had earlier planned to raise Rs 4,000 crore. At the time of filing papers, JSW Cement said it intended to raise Rs 2,000 crore from a fresh issue of equity shares and an offer for sale (OFS) of Rs 2,000 crore by investor shareholders. However, the size of the fresh capital-raising has been cut by Rs 400 crore from the fresh issue, as per the latest RHP.

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. On January 6, this year, the regulator finally gave its observation to float the IPO.

With seven operational plants, JSW Cement had an installed grinding capacity of 20.60 MMTPA and clinker capacity 6.44 MMTPA as of March 2025. "In addition to existing projects, the company is in the process of undertaking additional greenfield or brownfield projects to increase grinding capacity to 41.85 MMTPA and clinker capacity to 13.04 MMTPA," said JSW Cement, which competes with UltraTech Cement, Shree Cement, Ambuja Cements, Dalmia Bharat, and JK Cement.

JM Financial, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs (India) Securities, Jefferies India, Kotak Mahindra Capital Company, and SBI Capital Markets are acting as merchant bankers for the JSW Cement IPO.