JSW Cement Limited, part of the JSW Group, raised ₹3,600 crore through its initial public offering (IPO), comprised of a ₹1,600 crore fresh issue and a ₹2,000 crore offer for sale (OFS) by selling shareholders.
The offer received robust interest, oversubscribed ≈8× overall, driven by strong institutional demand—QIBs at ~16.7×, NIIs at ~11.6×, and retail at ~1.9x.
Shares debuted at a 4.1%–4.4% premium, opening at ₹153.50 (NSE) and ₹153 (BSE) compared to the ₹147 issue price.
Also read: All Time Plastics Launches IPO Worth ₹470.6 Crore; JSA Advises Book Running Lead Managers
Legal Advisory Teams
Khaitan & Co – Issuer Counsel to JSW Cement
Khaitan & Co provided comprehensive legal advisory to JSW Cement. The team included:
Sudhir Bassi, Executive Director (Lead)
Madhur Kohli, Partner
Aayush Mohata, Partner
Johann Valladares, Senior Associate
Sarjana Das, Senior Associate
Reshmi Prabhakar, Associate
Sairandhri Nawale, Associate
Khaitan also represented JSW Cement during its 2024 IPO, indicating continuity and deep understanding of the company’s legal and strategic positioning.
Trilegal – Counsel to Book Running Lead Managers (BRLMs)
Trilegal advised the group of BRLMs, which included JM Financial Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, DAM Capital Advisors Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited.
The team included:
Richa Choudhary, Partner (Lead)
Avanti Kale, Counsel
Maitreya Rajurkar, Counsel
Aayush Khandelwal, Senior Associate
Shivayana Balodia, Senior Associate
Yug Gambhir, Associate
Deepanshu Agarwal, Associate
Dinank Bhanot, Associate
Harsh Handa, Associate
IPO Performance & Market Reception
Sector Tailwinds: The listing benefits from India’s booming infrastructure, housing demand, and JSW Cement’s green cement offerings.
SBI Gains Pre-Listing: The State Bank of India realized a 125% return on its IPO investment even before listing, showcasing strategic allocation value.
Post-Listing Volatility: Shares experienced a sharp drop (>5%) during initial trading hours before rebounding up to 4% on the second trading day.
Valuation Insights: At the upper price band (₹147), the IPO implied an EV/EBITDA multiple near industry leaders, justified by JSW’s green cement leadership and JSW Group synergies.
Strategic Significance
Expansion Funding: Proceeds will finance a new cement plant in Nagaur, Rajasthan, and partially refinance existing debt.
Group Synergies: JSW Cement benefits from raw material and energy sourcing advantages through JSW conglomerate affiliates.
Institutional Validation: High QIB participation reflects confidence in JSW Cement’s strategy and operational outlook.
Why It Matters
Reinforces India’s investor appetite for well-structured infrastructure and manufacturing IPOs.
Showcases effective legal coordination across issuer and BRLM counsel without intermediary conflicts.
Pulls focus on green manufacturing in cement—a segment gaining traction.
Also read: Highway Infrastructure Limited’s IPO Oversubscribed 316x; ALMT Legal Advises on ₹130 Crore Issue
Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
