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.