Key details about JSW Cement IPO
Price band: ₹139-147
Face value: ₹10 per share
GMP: 4% over the issue price
Lot size: 102 sharesShould investors subscribe to JSW Cement IPO?
Canara Bank Securities: Subscribe
Despite short-term concerns, the brokerage has recommended a ‘Subscribe’ to the issue, given its growth potential, sustainability focus, and strategic alignment within the JSW Group.
Over FY23 to FY25, the company showed financial volatility, with revenues fluctuating between ₹5,836-₹6,028 crore and turning a net loss of ₹163 crore in FY25 due to non-recurring items and weak subsidiary performance. Operating as a price taker, its topline remained muted.
Valuations appear stretched at 32x EV/EBITDA and 6x PB, above peer averages of 23X EV/EBITDA and 4X PB. However, it stands out as India’s fastest-growing and the world’s greenest cement producer, backed by strong synergies with JSW Steel.
AUM Capital: Subscribe
The brokerage wrote in its note that JSW Cement is one of the fastest growing cement manufacturing companies in India in terms of installed grinding capacity and sales volume. Being the largest producer of Ground Granulated Blast Furnace Slag (GGBS) gives it a competitive advantage.
Strong branding of JSW Group as a whole is an added advantage in terms of financial flexibility and operational synergies, it said while adding a ‘Subscribe’ rating to the issue.
Swastika Investmart: Hold for long term
Advising high risk investors to apply for minor listing gains and hold for long term, Swastika Investmart said that JSW Cement is a growth-phase story. Short-term returns could be volatile due to high valuation and current losses.
The IPO valuation appears aggressive based on current financials.
JSW Cement IPO: Structure50% or ₹1,800 crore worth of the IPO has been reserved for the Qualified Institutional Bidders (QIB), while 15% of the offer is for High Net Worth Individuals (HNIs), and the rest is for retail investors.
JSW Cement IPO: Objective
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.
JSW Cement IPO: Other details
Considering the upper end of the price band, JSW Cement will 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.
JSW Cement IPO: Anchor book
Ahead of the issue launch, JSW Cement raised ₹1,080 crore from 52 anchor investors.
SBI Multicap Fund, Blackrock Emerging Frontiers Master Fund, Government Pension Fund Global, Motilal Oswal Large Cap Fund, Morgan Stanley Investment Fund, Societe Generale-Odi and Bandhan Small Cap Fund were among some of the anchor investors.
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.
