Parth Jindal-led JSW Cement, a subsidiary of the infra to metals conglomerate JSW Group, is likely to file draft papers with SEBI shortly to raise up to Rs.4,000 crore through an initial public offering (IPO).
One of the officials subjected to this matter stated, "The plan is to file the draft red herring prospectus for JSW Cement in the next few days." A second individual informed Moneycontrol that the IPO is likely to include an offer for sale of Rs.2, 000 crore and a fresh issue component of Rs.2, 000 crore.
A second individual aware about this matter added, "The offer for sale will facilitate partial exits for external investors such as SBI, Synergy Metals Investment Holding, and Apollo Global Management."
With a capacity of 60 million tonnes per year within the next five years, the so-called green cement manufacturer aims to acquire growth capital through the listing and become one of the nation's top five cement producers. In addition, JSW Infrastructure's October listing marked the organization's first public offering in 13 years.
The problem is being worked on by investment banks like JM Financial, Kotak Mahindra Capital, Jefferies, Axis Capital, DAM Capital, Citi, Goldman Sachs, and SBI Capital. JSW Cement announced on May 21 that it would invest approximately Rs.3, 000 crore in the construction of a cement manufacturing facility in the Nagaur district of Rajasthan.
The company added that a combination of debt and equity will be used to pay for the Greenfield, integrated facility. Additionally, it is said to be one of the contenders for the promoter stake in Orient Cement.
JSW Cement's decision to open on Dalal Street comes at a time when market leader Ultratech Cement of the Birla group and the Adani group's ACC-Ambuja combine are engaged in a fierce merger and acquisition battle.
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