Khaitan & Co advised JSW Cement on its IPO aggregating to INR 36,000 million, comprising a fresh issue and an offer for sale by AP Asia Opportunistic Holdings, Synergy Metals Investments Holding and State Bank of India.

The issue was managed by JM Financial, Axis Capital, Citigroup Global, DAM Capital, Goldman Sachs (India), Jefferies India, Kotak Mahindra Capital and SBI Capital Markets. The core team included Sudhir Bassi, Madhur Kohli, Aayush Mohata, Johann Valladares, Sarjana Das, Reshmi Prabhakar and Sairandhri Nawale.

Trilegal advised on the successful listing of equity shares of JSW Cement on its initial public offering aggregating to INR 3,600 crore.

JSW Cement is one of the fastest-growing cement manufacturing companies in India and forms part of the JSW Group.

The IPO comprised a fresh issue of equity shares and an offer for sale by existing investors, namely State Bank of India, Apollo, and Synergy Capital. The net proceeds from the fresh issue will be utilised for debt repayment and capital expenditure towards establishing a new integrated cement unit.

Trilegal advised the syndicate of book running lead managers, comprising JM Financial, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs (India) Securities, Jefferies India, Kotak Mahindra Capital, and SBI Capital Markets.

This is the second IPO from the JSW Group on which Trilegal has advised, following the IPO of JSW Infrastructure in 2023.

The transaction team advising on the matter was led by Partner Richa Choudhary, and comprised Counsel, Avanti Kale and Maitreya Rajurkar, Senior Associates Ayush Khandelwal and Shivayana Balodia and Associates Yug Gambhir, Deepanshu Agarwal, Dinank Bhanot, and Harsh Handa.