JSM Cement files draft papers with Sebi to raise rs 4000 crore via IPO

JSW Cement, part of Sajjan Jindal promoted diversified JSW Group, on Friday filed a draft red herring prospectus (DRHP) with the capital markets regulator Sebi to raise Rs 4,000 crore through an initial public offer. The initial share sale comprises a fresh issue of equity shares worth Rs 2,000 crore and an offer for sale (OFS) of Rs 2,000 crore by investor shareholders, according to DRHP. As a part of the OFS, AP Asia Opportunistic Holdings Pte Ltd and Synergy Metals Investments Holding Ltd will offload shares worth Rs 937.5 crore each, and State Bank of India (SBI) will divest shares valued at Rs 125 crore. Its financial liabilities include a borrowing of Rs 1,678.90 crore, Rs 1,184.40 crore dues of creditors (other than micro and small enterprises) and other financial liabilities of Rs 842.02 crore. Its revenue from operations for FY24 stood at Rs 6,028.10 crore. This was Rs 5,836.72 crore in FY 23 and Rs 4,668.57 crore in FY22. JSW Cement is the sixth largest player in the segment led by Aditya Birla Group flagship firm UltraTech Cements.  Gautam Adani-led group owns ACC Ltd and acquired Sanghi Industries and ACCPL and is currently the second largest cement maker. It announced the acquisition of Hyderabad-based Penna Cement in June at an enterprise value of Rs 10,422 crore, taking its capacity to 93 MTPA. JM Financial Ltd, Axis Capital Ltd, Citigroup Global Markets India Private Ltd, DAM Capital Advisors Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd, Kotak Mahindra Capital Company Ltd and SBI Capital Markets Ltd are responsible for managing the company's IPO process.
 

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