The listing is mostly in-line with grey market estimates where shares were trading at a premium of about 3%. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
The IPO fetched over 12.75 lakh applications at close. The category for the qualified institutional bidders (QIBs) was subscribed 15.80 times, while the portion for non-institutional investors (NIIs) was booked 10.97 times. The segment for retail investors was booked 1.81 times.Narendra Solanki of Anand Rathi Shares and Stock Brokers has advised investors to consider holding the stock for the long term post listing. “We believe JSW Cement’s synergies with the JSW Group, strategic plant locations, GGBS focus, capacity expansion, efficient distribution network, and alignment with India’s sustainable infrastructure push position it for long-term profitability.”
He also said that JSW Cement has a competitive edge through its focus on environmentally friendly “green” cement. The company is the country’s largest manufacturer of ground granulated blast-furnace slag (GGBS) with an 84 percent market share.
The IPO of Mumbai-headquartered JSW Cement was open for bidding between August 7-August 11.
Key details about JSW Cement IPO
Price band: ₹139-147
Face value: ₹10 per share
Lot size: 102 shares
The company raised about ₹3,600 crore through the IPO, where it offered fresh issue of ₹1,600 crore and an offer for sale of ₹2,000 crore.
Considering 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.
Company overview
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.
Capacity expansion plan
JSW Capacity Now Proposed
(in mt)
Grinding 20.6 41.85
Clinker 6.44 13.04
Financials
After making profits in financial year 2023 and 2024, JSW Cement made a net loss worth ₹163.8 crore in financial year 2025.
| (₹) | FY25 | FY24 | Fy23 |
| Rev | 5813 | 6028.1 | 5836.7 |
| Bitda % | 13.78% | 16.94% | 13.82% |
| EBITDA/TONNE | 683.83 | 877.31 | 777 |
| PAT | -163.7 | 62 | 104 |
Book running lead managers
JM Financial, Axis Capital, Citigroup Global, DAM Capital, Goldman Sachs, Jeffries, Kotak Mahindra, SBI Caps were the book-running lead manager of the JSW Cement IPO, while Kfin Technologies was the registrar.
