Seven IPOs...

What is JSW Cement's growth target over the next few years?

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We have a medium-to-long term target of being a 10% market share player pan-India. Looking at the way the industry is growing—last year, India consumed about 435 million tonne cement. If you look at about 6-7% growth over the next 5-6 years, this number will go to about 700 million. We have a vision of 60 million (tonne capacity), which would give us about 6-7% market share, maybe 7-8%. We are working on how to get to 10%.

Why was the IPO size reduced from ₹4,000 crore to ₹3,600 crore, and why only in the primary component?

We believe that the near-term requirements of JSW Cement are being met by ₹1,600 crore as well as the internal accruals of the company. Secondly, we want to save any future dilution for later, like after a year or whenever we need the capital through (instruments like) a QIP or an FPO. When we filed the DRHP, the cement industry was going through a huge downturn and we needed this ₹400 crore extra for our projects. Now, we can make do with less for our immediate requirement.

Are you seeing improved pricing discipline and industry conditions after last year's challenges?