JSW Cement IPO | JSW Group-firm files draft papers to raise ₹4,000 crore via public issue: Report

JSW Cement filed draft papers for an initial public offering worth up to 40 billion rupees ( ₹4,000 crore) on Friday, aiming to cash in on the country's booming stock market and strong demand for the building material.

The company, part of billionaire Sajjan Jindal's JSW Group, will issue new shares worth up to 20 billion rupees ( ₹2,000 crore). Existing shareholders are set to sell shares worth up to 20 billion rupees, the draft papers showed.

Indian cement makers have benefitted from a surge in demand on the back of greater infrastructure spending by the government and buoyant real estate activity in the country.

The Aditya Birla group-owned UltraTech Cement and the Adani group, with its units Ambuja Cements and ACC, are jostling for the top spot in India's cement market, which is expected to roughly double to $49.24 billion by 2029 from 2022 levels.

Proceeds from JSW's IPO would be used to partly finance the proposed cement unit in Nagaur, Rajasthan - a state rich in key raw mineral limestone, the company said on Friday.

JM Financial, Axis Capital, Citi group, Kotak Investment Banking are among the bookrunning lead managers of the IPO. The offering follows successful listings by FirstCry, Ola Electric, Allied Blenders and Emcure Pharmaceuticals.