JSW Cement IPO: A green challenger

The ₹3,600 crore initial public offering isn't built on claims of being the biggest—but possibly the greenest

- Mayur Bhalerao

In a cement industry defined by scale, legacy brands, and capital-heavy operations, JSW Cement Ltd is taking a distinctly unconventional route to the public markets. Its ₹3,600 crore initial public offering (IPO), set to open Thursday, isn't built on claims of being the biggest—but possibly the greenest.

Priced between ₹139 and ₹147 per share, the issue includes a ₹1,600 crore fresh issuance aimed at expansion and a ₹2,000 crore offer for sale by existing shareholders. Proceeds will fund ₹800 crore towards a new integrated plant in Rajasthan, ₹520 crore for debt reduction, and the remainder for strategic growth initiatives.

While established players such as UltraTech Cement Ltd, Shree Cement Ltd, and Ambuja Cements Ltd dominate through capacity, pricing power, and brand equity, JSW Cement is positioning itself as a lean, environmentally conscious challenger aligned with India's decarbonization goals.