Mumbai: Sajjan Jindal's JSW Group has engaged investment bankers to assist in the initial public offering (IPO) of its subsidiary, JSW Cement, media reported.
"As of now, the target is to raise up to Rs 6,000 crore, mop up growth capital and fund the company's aggressive expansion plans," a source was quoted as saying by Moneycontrol requesting anonymity. He added that a final decision on the size of the share sale had not been made, reported Moneycontrol.
The JSW Cement’s listing, spearheaded by Parth Jindal, comes on the heels of the recent initial public offering (IPO) of JSW Infrastructure.
This would be the JSW Group's first public offering in 13 years.
The cement maker has set ambitious goals to emerge as one of the top five cement producers in the country.
The company aims to achieve a capacity of 60 million tonnes per annum within the next five years.
Should the listing plans of JSW Cement come to fruition, it is expected to be the largest initial public offering (IPO) in the sector since the Rs 5,000 crore initial share sale of Nirma group-backed Nuvoco Vistas in August 2021, the repot said.
The report quoted another source as saying, "The deal was kicked off this week and a clutch of domestic and foreign investment banks have been tapped. JM Financial, Kotak Mahindra Capital, DAM Capital, Jefferies, Citi, Goldman Sachs and SBI Capital are some of the advisors on board."
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