SBI, two other investors to make a killing from Rs 3,600-crore JSW Cement IPO
The issue consists of Rs 1,600 crore in fresh issue, making this the largest fresh issue in the cement sector in the past 10 years, and Rs 2,000 crore in offer for sale by Apollo Global, Synergy and SBI, which had collectively invested Rs 1,600 crore in the company in the third quarter of FY22.
The company was planning the IPO in January 2025 but last September the regulator Sebi had withheld permission for alleged regulatory lapses involving the inter-se transfer of investments held by Hexa Securities and Finance in which several Jindal family members, including group chairman Sajjan Jindal, were holding director positions.
The Rs 2,000-crore OFS involves SBI and two other investors AP Asia Opportunistic Holding (Apollo Global) and Synergy Metals Investments Holdings offloading their stakes.
While AP Asia Opportunistic Holdings, and Synergy Metals will be selling shares worth Rs 937.5 crore each in the OFS, SBI will be selling shares worth Rs 125 crore, making a clean profit over its weighted average investment cost of Rs 65.45 per share or 124.6% gains on its investment. The other two investors will be making 115% and 117%, respectively off their investment in four years.
The company intends to utilise Rs 800 crore of the fresh issue proceeds for part financing the capex on a new integrated cement unit at Nagaur in Rajasthan, and a further Rs 720 crore to repay debt which stood at Rs 6,166.6 crore as of March 2025, up from Rs 5,836 crore a year before.
The company has already deployed Rs 287.8 crore in its Nagaur unit till June 2024, out of a total estimated cost of Rs 2,697.3 crore. The remaining Rs 2,409.4 crore will be funded from IPO proceeds (and project loan of Rs 1,609.4 crore).
The company with 20.6 million tonnes of annual capacity, which it is planning to take to 41.8 million over the next four to five years, had filed the IPO papers with Sebi in August 2024, but Sebi kept the approval on hold in September and the final approval was accorded only this January.
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