The retail investors category was subscribed 1.26 times the shares reserved for them, while the portion set aside for non institutional investors (NIIs) was booked 2.76 times. The qualified institutional buyers’ (QIBs) segment was subscribed 5.43 times.
In the grey market, the company’s shares were trading at a modest premium of ₹2.5 per share, indicating a gain of around 1.70% over the upper end of the price band of ₹147.Most investors track the grey market premium (GMP) to get an idea of the listing price.
The company aims to raise about ₹3,600 crore through the IPO, where it is offering fresh issue of ₹1,600 crore and an offer for sale of ₹2,000 crore.
The public issue will close on August 11, while the company’s shares will be listed on both NSE and BSE. A tentative listing date is set for August 14.
Key details about JSW Cement IPO
Price band: ₹139-147
Face value: ₹10 per share
Lot size: 102 sharesConsidering the upper price band, JSW Cement is expected to have a post-issue market capitalisation of ₹20,041 crore.
Promoters of JSW Cement, which currently own a 78.61% stake in the company, will own 72.33% post the IPO.
Selling shareholders in the IPO include AP Asia Opportunistic Holdings Pte. Ltd, Synergy Metals Investments Holding and State Bank of India.
Net proceeds from the IPO will be utilised to fund a new integrated cement unit in Nagaur, Rajasthan (₹800 crore), repay debt (₹520 crore), and for general corporate purposes.
About the company
Incorporated in 2009, JSW Cement is touted to be among the top three fastest-growing cement manufacturers in India in terms of installed grinding capacity and sales volume between FY2015-FY2025. As per CRISIL, it ranks among the top 10 cement companies in terms of installed capacity and sales volume as of March 31, 2025.
After making profits in financial year 2023 and 2024, JSW Cement made a net loss worth ₹163.8 crore in financial year 2025.
Book running lead managers
JM Financial, Axis Capital, Citigroup Global, DAM Capital, Goldman Sachs, Jeffries, Kotak Mahindra, SBI Caps are the book-running lead manager of the JSW Cement IPO, while Kfin Technologies is the registrar.
The allotment for the JSW Cement IPO is expected to be finalised on August 12, 2025.
