JSW aims listing by December 2022
JSW Cement has again pushed back its plans for an initial public offering by two years to around December 2022 due to slowdown and COVID-19 disruptions, a top company official said. The company has already drawn an ambitious plan to expand its combined cement capacity to 25 million tonne by 2023 from 14 million tonne at a Capex of Rs 3,600 crore.
"In 2019, the sector had degrowth, in 2020 Covid hit us. Now December 2022 is a logical timeline for us for the IPO," JSW Cement managing director Parth Jindal said at a virtual briefing to announce the expansion of Shiva Cement, in Odisha. The group earlier targeted a December 2020 listing. The IPO size could be at the range of Rs 2,500 to 2,700 crore diluting 10 per cent stake in the company.