NEW DELHI: Billionaire Sajjan Jindal-led JSW Cement has filed draft papers to launch a Rs 4,000 crore Initial Public Offering (IPO). The company would be raising Rs 2,000 crore through a fresh issue and another Rs 2000 crore via an offer for sale (OFS).
Under the OFS component, AP Asia Opportunistic Holdings, Synergy Metals and the State Bank of India will offload part of their stakes.
JSW Cement would become the latest JSW Group company to hit on the exchanges. Currently, the Group’s listed entities included JSW Steel, JSW Energy and JSW Infrastructure. Parth Jindal, MD of JSW Cement, had last year stated their plans to list the cement units and use the proceeds to fund the ambitious goal of reaching a 60 million tonne capacity.
As per the IPO paper, 50% of the public offer is reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. The company would the net proceeds for partly financing the proposed cement facility in in Nagaur, Rajasthan, repayment of debt and other general corporate purposes.
The IPO paper showed JSW Cement’s revenue from operations rose to Rs 6,028 crore in FY24 from Rs 5,837 crore a year ago.
However, net profit fell to `62 crore last fiscal from Rs 104 crore a year earlier. JM Financial Ltd, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs (India) Securities, Jefferies India, Kotak Mahindra Capital Company and SBI Capital Markets are responsible for managing the company’s IPO process.
Ecom Express files for Rs 2,600 cr IPO
NEW DLHI: Ecom Express has filed draft papers with capital markets regulator Sebi to raise Rs 2,600 crore through an initial share-sale. The company’s initial public offering (IPO) comprises a fresh issue of equity shares worth Rs 1,284.50 crore and an offer for sale (OFS) of shares valued Rs 1,315.50 crore by promoters and other shareholders, according to the draft red herring prospectus (DRHP).
Proceeds from the fresh capital to the tune of Rs 387.44 crore will be used for setting up new processing centres with automation and new fulfilment centres, Rs 73.71 crore for computers and IT equipment, Rs 239.23 crore for enhancing technology, data science capabilities, and cloud infrastructure, and Rs 87.92 crore for payment of debt.