JSW Cement IPO
GMP, Subscription, Price, Dates & Financial Details
Cement & Construction Materials
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…
Open Date
Thu, 07 Aug 2025
Close Date
Mon, 11 Aug 2025
Price Band
₹ 139 – 147
Lot Size
102
Issue Size
₹ 3,600.00 Cr
Minimum Investment
₹ 14,994 (102 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
JSW Cement IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹3,600.00 Crore, comprising a fresh issue of 10.88 Crore equity shares aggregating to ₹1,600.00 Crore and an offer for sale (OFS) of 13.61 Crore equity shares aggregating to ₹2,000.00 Crore by the existing shareholders.
The JSW Cement IPO remained open for subscription from August 07, 2025, to August 11, 2025. The basis of allotment was finalized on August 12, 2025, and the company's shares were listed on the NSE and BSE on August 14, 2025.
The company had fixed the price band at ₹139 to ₹147 per share, with a lot size of 102 shares. Retail investors were required to make a minimum investment of ₹14,994 (based on the upper price band) to apply for one lot.
KFin Technologies Limited served as the registrar to the issue. 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, and SBI Capital Markets Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, JSW Cement Ltd is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
JSW Cement IPO Timeline (Tentative)
- IPO Open Date
- Thu, 07 Aug 25
- IPO Close Date
- Mon, 11 Aug 25
- Basis of Allotment
- Tue, 12 Aug 25
- Initiation of Refunds
- Wed, 13 Aug 25
- Credit of Shares to Demat
- Wed, 13 Aug 25
- Listing Date
- Thu, 14 Aug 25 — NSE & BSE
Open Date
07 August 2025
Close Date
11 August 2025
Basis Of Allotment
12 August 2025
Listing Date
14 August 2025
IPO Subscription
Check Live Subscription →The JSW Cement IPO has received bids for 1,40,93,19,924 shares against 18,12,94,964 shares offered, resulting in an overall subscription of 7.77x. the NII category is subscribed 10.97x, Retail Investors 1.81x, and QIBs 15.8x. Within the NII category, BNII is subscribed 12.56x, while SNII is subscribed 7.8x.
QIB
15.8x
NII
10.97x
BNII
12.56x
SNII
7.8x
RII
1.81x
Total
7.77x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 9,06,47,482 shares, representing 50% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 5,17,98,561 shares (28.57%), while Non-Institutional Investors (NIIs) receive 3,88,48,921 shares (21.43%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 51,798,561 | 28.57% |
| Non-Institutional | 38,848,921 | 21.43% |
| BNII | 25,899,281 | 14.29% |
| SNII | 12,949,640 | 7.14% |
| Retail Investors | 90,647,482 | 50% |
| Total | 181,294,964 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
JSW Cement Ltd KPI Information
| 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 |
| Pat Margin % | -2.77 | 1.01 | 1.74 |
Peers Comparison
| 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 |
About JSW Cement Ltd
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.
JSW Cement IPO 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%
JSW Cement IPO Objective
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.
JSW Cement Ltd Address / Contact Details
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
JSW Cement IPO Lot Size
The JSW Cement IPO has a lot size of 102 shares. Retail investors require a minimum investment of ₹14,994 by applying for 1 lot (102 shares). The maximum application allowed for the retail category is 13 lots (1,326 shares), requiring an investment of ₹1,94,922.
| 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 |
Issue Reservation
- QIB — 28.57%
- NII — 21.43%
- RII — 50%
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
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the JSW Cement IPO?
JSW Cement IPO is a Book-building IPO with a total issue size of ₹3600 crore. The JSW Cement IPO price band is ₹139 to 147 per share. The JSW Cement IPO subscription opens on Thu, Aug 7, 2025, and closes on Mon, Aug 11, 2025. The JSW Cement IPO will be listed on the BSE,NSE. KFin Technologies Limited is the registrar for the JSW Cement IPO.
When will the JSW Cement IPO open for subscription?
The JSW Cement IPO opens on Thu, Aug 7, 2025 and closes on Mon, Aug 11, 2025
What is JSW Cement IPO Price Band?
JSW Cement IPO Price Band is ₹139 to 147 per share.
What is JSW Cement IPO Lot Size?
JSW Cement IPO lot size is 102 shares, Retail investors need a minimum investment of ₹14994 based on the upper price band
What is the minimum investment for JSW Cement IPO?
The minimum investment for JSW Cement IPO is ₹14994, based on one lot of 102 shares at the upper price band of ₹147 per share.
How to apply for JSW Cement IPO?
Investors can apply for the JSW Cement IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Mon, Aug 11, 2025. The application amount remains blocked until the JSW Cement IPO allotment is finalized.
What is JSW Cement IPO Issue Size?
JSW Cement IPO issue size is ₹3600 crores.
What is the JSW Cement IPO Allotment Date?
JSW Cement IPO allotment date is Tue, Aug 12, 2025.
Who is the JSW Cement IPO Registrar?
The registrar for JSW Cement IPO is KFin Technologies Limited. Investors can go to KFin Technologies Limited website to check JSW Cement IPO allotment status, refund processing, and other IPO-related information.
What is the JSW Cement IPO GMP?
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 2.72% over the issue price.
Who is the JSW Cement IPO Lead Manager?
The book-running lead managers (BRLMs) for the JSW Cement IPO are 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, and SBI Capital Markets Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the JSW Cement IPO Red Herring Prospectus (RHP).