JSW Cement, the building materials arm of Sajjan Jindal-led JSW Group, has reduced the size of its upcoming initial public offering (IPO) to Rs 3,600 crore and will open the offer for public subscription on August 7, according to its final red herring prospectus filed with Sebi.The IPO comprises a fresh issue of equity shares worth Rs 1,600 crore and an offer for sale (OFS) of shares aggregating Rs 2,000 crore. This marks a reduction from its earlier plan of raising Rs 4,000 crore through a mix of equal-sized fresh issue and OFS, PTI reported.As per the RHP filed on Friday, the offer will close on August 11. The anchor investor bidding will take place on August 6.Among the selling shareholders, Apollo Management’s affiliate AP Asia Opportunistic Holdings Pte Ltd will offload shares worth Rs 931.8 crore. Synergy Metals Investments Holding Ltd, an arm of the Synergy Metals and Mining Fund set up by former ArcelorMittal executive Sudhir Maheshwari, will sell shares worth Rs 938.5 crore, while State Bank of India will divest shares worth Rs 129.7 crore.The company plans to use Rs 800 crore from the fresh issue to part-fund a new integrated cement unit at Nagaur, Rajasthan, and Rs 520 crore for prepayment or repayment of borrowings. The remaining proceeds will go towards general corporate purposes.The IPO journey began in August 2024 when JSW Cement filed preliminary papers with Sebi. However, the offer was kept on hold in September. Sebi cleared the IPO on January 6 this year.JSW Cement reported a revenue of Rs 5,813.1 crore in FY25, down from Rs 6,028.1 crore in FY24. It posted a loss of Rs 163.77 crore in FY25, compared to profits of Rs 62 crore in FY24 and Rs 104 crore in FY23. Total borrowings stood at Rs 6,166.6 crore as of March 31, 2025.The company has a grinding capacity of 20.60 MMTPA and operates manufacturing units in Karnataka, Andhra Pradesh, West Bengal, Odisha and Maharashtra. It also owns a clinker unit in Odisha via its subsidiary Shiva Cement.According to CRISIL, JSW Cement was the top producer of ground granulated blast furnace slag (GGBS) in FY25 with an 84% market share.The IPO is being managed by JM Financial, Axis Capital, Citigroup, DAM Capital, Goldman Sachs, Jefferies, Kotak Mahindra Capital and SBI Capital Markets. The shares will be listed on the BSE and NSE.
