JSW Cement IPO: The initial public offer (IPO) by JSW Cement is set to kick off this week, with State Bank of India as one of the top investors selling shareholder.
The price band for the ₹3,600 crore JSW Cement IPO was released earlier today, August 4, signalling that SBI is set to make a multibagger return on its investment in the company. JSW Cement IPO price band has been fixed at ₹139 to ₹147.
The JSW Cement IPO is a mix of fresh share sale of ₹1,600 crore and an offer for sale of ₹2,000 crore, wherein SBI and two others — AP Asia Opportunistic Holding Pte and Synergy Metals Investments Holdings — are looking to offload stake.
How much will SBI make from the stake sale in JSW Cement IPO?
SBI is looking to rake in ₹129.70 crore from its stake sale in JSW Cement IPO. India’s largest lender acquired these shares at a weighted average cost of ₹65.45 apiece.
Considering the upper price band of the issue of ₹147, SBI will fetch 124.59% gains on its investment in the company. The shares allotted to SBI as part of the conversion of non-cumulative redeemable optionally convertible preference shares into equity shares. These preference shares were allotted to SBI on July 24, 2025.
Other selling shareholders, namely AP Asia Opportunistic Holding Pte and Synergy Metals Investments Holdings will also make a multibagger gain via OFS in JSW Cement to the tune of 115% and 117%, respectively.
JSW Cement IPO Details
JSW Cement, part of Sajjan Jindal-promoted diversified JSW Group, will launch its IPO on August 7 with the issue set to close on August 11.
As per draft papers, the company will utilise proceeds worth ₹800 crore to part-finance a new integrated cement unit at Nagaur, Rajasthan, and ₹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 slashed its IPO size from ₹4,000 crore to ₹3,600 crore. At the time of filing papers, JSW Cement said it intended to raise ₹2,000 crore from a fresh issue of equity shares and an offer for sale (OFS) of ₹2,000 crore by investor shareholders.
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, according to a PTI report.
As of March 31, 2025, JSW Cement’s total borrowings stood at ₹6,166.6 crore.
On the financial front, the company’s revenue from operations for FY25 stood at ₹5,813.1 crore against ₹6,028.10 crore in FY24, and ₹5,836.72 crore in FY23. The company reported a loss of ₹163.77 crore in FY25. Its profit was ₹62 crore in FY24 and ₹104 crore in FY23.
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