JSW Cement IPO
Open MainLineCurrent GMP
₹4 (+2.72%)
Price Band
₹ 139 – 147
Lot Size
102
Issue Size
₹3600 Cr
Minimum Investment
₹14994 (102 Shares)
Listing Date
14 August 2025
Subscription
7.77x
About the Company
JSW Cement Limited, incorporated in 2006 and part of the JSW Group, is a leading manufacturer of green cement in India. The company focuses on sustainable practices and utilizes industrial by-products like blast furnace slag to reduce its carbon footprint, achieving some of the lowest CO₂ emission intensities in the cement industry both in India and globally.
Growth and Market Position
- Fastest-growing cement company in India (among the top 10 by capacity) based on installed grinding capacity and sales volume growth from Fiscal 2014 to Fiscal 2024, per the CRISIL Report.
- CAGR:
- Grinding capacity: 14.14% (vs. industry average of 7.31%)
- Sales volume: 19.06% (vs. industry average of 7.56%)
- Achieved 31.11% sales volume growth from Fiscal 2023 to 2024, significantly ahead of the industry average of 6.35%.
Installed Capacity (as of March 31, 2024)
- Grinding Capacity: 20.60 MMTPA
- South: 11.00 MMTPA
- West: 4.50 MMTPA
- East: 5.10 MMTPA
- Clinker Capacity: 6.44 MMTPA (including UAE operations)
Expansion Plans
- Targets to expand grinding capacity to 40.85 MMTPA and clinker capacity to 13.04 MMTPA through greenfield and brownfield projects in north and central India, aiming for a pan-India presence.
Product Portfolio
- Green cement products make up 80.68% of sales volume in Fiscal 2024:
- Portland Slag Cement (PSC)
- Portland Composite Cement (PCC)
- Ground Granulated Blast Furnace Slag (GGBS)
- Ordinary Portland Cement (OPC)
- Ready-mix concrete (RMC), construction chemicals, waterproofing compounds
- Largest GGBS manufacturer in India with a market share of 82.70% in Fiscal 2024.
Operational Footprint
- 7 plants in India:
- Integrated/clinker units: Nandyal (AP), Shiva Cement (Odisha)
- Grinding units: Vijayanagar (Karnataka), Salem (Tamil Nadu), Dolvi (Maharashtra), Salboni (West Bengal), Jajpur (Odisha)
- Overseas: JSW Cement FZC operates a clinker unit in the UAE
Raw Material Security
- 10 limestone mines in India with 1,098.88 MMT reserves
- 1 operational limestone mine in UAE with 269.14 MMT reserves
- Long-term contracts with JSW Steel and other steel producers ensure consistent slag supply.
Distribution Network (as of March 31, 2024)
- 5,043 dealers
- 10,412 sub-dealers
- 164 warehouses
Strategic Location Advantages
- Plants located near limestone mines and steel plants for efficient raw material sourcing.
- Good road and rail connectivity to key markets (e.g., Mumbai, Odisha coast, etc.)
JSW Cement is strongly positioned as a leader in green and sustainable cement manufacturing, with aggressive expansion plans to become a pan-India cement powerhouse.
Promoters
- SAJJAN JINDAL
- PARTH JINDAL
- SANGITA JINDAL
- ADARSH ADVISORY SERVICES PRIVATE LIMITED
- SAJJAN JINDAL FAMILY TRUST
Promoters Holding
Holding Pre Issue
78.62%
Holding Post Issue
72.34%
Objects of the Issue
The Net Proceeds of the Fresh Issue are proposed to be utilised in the following manner:
- Part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan;
- Prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company
- General corporate purposes.
Address / Contact Info
JSW Cement Limited
JSW Centre, Bandra Kurla Complex,
Bandra (East), Mumbai 400051,
Maharashtra, India
Mumbai, Maharashtra, 400051
Phone: +91 22 4286 3115
Email: secretarial.jswcl@jsw.in
Website: http://www.jswcement.in/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Thursday, 07 August 2025
IPO Close Date
Monday, 11 August 2025
Basis of Allotment
Tuesday, 12 August 2025
Initiation of Refunds
Wednesday, 13 August 2025
Credit of Shares to Demat
Wednesday, 13 August 2025
Listing Date
Thursday, 14 August 2025 — NSE & BSE
Important Dates
Open Date
07 August 2025
Close Date
11 August 2025
Basis Of Allotment
12 August 2025
Listing Date
14 August 2025
Financial Performance (₹ in Crores)
| Particular | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 12003.94 | 11318.91 | 10218.61 |
| Revenue | 5914.66 | 6114.6 | 5982.21 |
| Profit After Tax | -163.76 | 62.01 | 104.04 |
| Net Worth | 2352.55 | 2464.68 | 2292.1 |
| Reserve & Surplus | 1287.31 | 1399.06 | 1296.66 |
| Total Borrowings | 6166.55 | 5835.76 | 5421.54 |
EPS Pre
-1.31%
EPS Post
-1.20%
P/E Pre
-112.61
P/E (Post Issue)
-122.38x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE % | -6.9 | 2.6 | 4.64 |
| ROCE % | 7.05 | 11.01 | 6.46 |
| Debt / Equity | 0.98 | 0.92 | 0.98 |
| RoNW % | -4.85 | 3.64 | 5.97 |
| PbW | 0 | 0 | 0 |
| Pat Margin % | -2.77 | 1.01 | 1.74 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 51798561 | 28.57 | 0 |
| Non-Institutional | 38848921 | 21.43 | 0 |
| BNII | 25899281 | 14.29 | 0 |
| SNII | 12949640 | 7.14 | 0 |
| Retail Investors | 90647482 | 50 | 0 |
| Total | 181294964 | 100 | 0 |
Subscription Status ( Mon, 11 Aug 25 01:55 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 51798561 | 818650266 | 15.8x |
| Non-Institutional | 38848921 | 426356022 | 10.97x |
| BNII | 25899281 | 325354194 | 12.56x |
| SNII | 12949640 | 101001828 | 7.8x |
| Retail Investors | 90647482 | 164313636 | 1.81x |
| Total | 181294964 | 1409319924 | 7.77x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| SW Cement Ltd | 10 | 0.00 | -1.16 | -1.16 | -4.85 | 23.85 |
| UltraTech Cement Ltd | 10 | 59.56 | 205.30 | 205.13 | 8.54 | 2403.71 |
| Ambuja Cements Ltd | 2 | 35.97 | 17.00 | 16.96 | 7.80 | 218.00 |
| Shree Cement Ltd | 10 | 97.77 | 311.18 | 311.18 | 5.21 | 5969.32 |
| Dalmia Bharat Ltd | 2 | 60.39 | 36.42 | 36.42 | 3.93 | 926.34 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 102 | 14,994.00 |
| Retail (Max) | 13 | 1,326 | 194,922.00 |
| S-HNI (Min) | 14 | 1,428 | 209,916.00 |
| S-HNI (Max) | 66 | 6,732 | 989,604.00 |
| B-HNI (Min) | 67 | 6,834 | 1,004,598.00 |
Registrar
Kfin Technologies Limited
04067162222, 04079611000
reachus@kfintech.com
https://www.kfintech.com
Book Running Lead Managers
- Citigroup Global Markets India Private Limited
- Axis Capital Limited
- Goldman Sachs (India) Securities Private Limited
- Jefferies India Private Limited
- JM Financial Limited
- Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd)
- Kotak Mahindra Capital Company Limited
- SBI Capital Markets Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
JSW Cement IPO is a Book-building IPO worth ₹3600 crores. The price band is ₹139 to 147 per share. The IPO opens on Thu, Aug 7, 2025 and closes on Mon, Aug 11, 2025. It will be listed on BSE and NSE. Kfin Technologies Limited is the registrar.
The JSW Cement IPO opens on Thu, Aug 7, 2025 and closes on Mon, Aug 11, 2025
JSW Cement IPO Price Band is ₹139 to 147.
JSW Cement IPO lot size is 102, and the minimum amount required for application is ₹14994.
The minimum investment for JSW Cement IPO is approximately ₹14994 based on the upper price band.
To apply for the JSW Cement IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Mon, Aug 11, 2025. After submission, funds are blocked until the basis of allotment of JSW Cement IPO is finalised.
JSW Cement IPO issue size is ₹3600 crores.
JSW Cement IPO allotment date is Sat, Jun 27, 2026.
The registrar for JSW Cement IPO is Kfin Technologies Limited. Investors can go to Kfin Technologies Limited website for IPO allotment status, refund processing, and other queries related to JSW Cement IPO through their official website or helpline.
The JSW Cement IPO GMP (Grey Market Premium) is ₹4 as of Thu, Aug 14, 2025. Based on the upper price band of ₹147 per share, the estimated JSW Cement IPO listing price is ₹151, indicating a potential listing gain of approximately 31% over the issue price.