JSW Cement Limited, a prominent player in the Indian cement industry, is set to launch its Initial Public Offering (IPO) in August 2025. This IPO has generated significant market buzz among investors due to its size, growth prospects, and the backing of the reputed JSW Group. With a tentative listing on 14th August 2025, this bookbuilding IPO aims to raise ₹3,600.00 crores, consisting of both a fresh issue and an offer for sale (OFS).
This comprehensive guide covers JSW Cement IPO details, price band, lot size, GMP, subscription status, financial analysis, pros and cons, and allotment procedures, helping investors make informed decisions.
JSW Cement IPO Overview
JSW Cement IPO is open for bidding from 7th August 2025 to 11th August 2025. The company is offering 24.49 crore shares with a total issue size of ₹3,600.00 crores. The IPO comprises a fresh issue of 10.88 crore shares worth ₹1,600.00 crores and an offer for sale of 13.61 crore shares worth ₹2,000.00 crores.
The shares will be listed on BSE and NSE with a tentative listing date of 14th August 2025. The price band is ₹139 to ₹147 per share, and the face value is ₹10 per share.
Key IPO Details:
| Particulars | Details |
|---|---|
| IPO Open Date | 7th August 2025 |
| IPO Close Date | 11th August 2025 |
| Allotment Date | 12th August 2025 |
| Refund Initiation | 13th August 2025 |
| Listing Date | 14th August 2025 |
| Issue Size | ₹3,600.00 crore |
| Fresh Issue | ₹1,600.00 crore |
| Offer for Sale | ₹2,000.00 crore |
| Price Band | ₹139 to ₹147 per share |
| Lot Size | 102 shares |
| Listing Exchange | BSE & NSE |
| Registrar | Kfin Technologies Limited |
| Issue Type | Bookbuilding IPO |
JSW Cement IPO Share Reservation
The IPO follows SEBI’s share reservation norms:
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Qualified Institutional Buyers (QIBs): Not more than 50% of the offer
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Retail Investors: Not less than 35% of the offer
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Non-Institutional Investors (HNI/NII): Not less than 15% of the net offer
This structured allocation ensures diverse participation from retail and institutional investors.
JSW Cement IPO Lot Size and Investment Limits
Investors can apply for a minimum of 1 lot (102 shares) and in multiples thereof.
| Category | Lots | Shares | Amount (Approx) |
|---|---|---|---|
| Retail Min | 1 | 102 | ₹14,994 |
| Retail Max | 13 | 1,326 | ₹1,94,922 |
| S-HNI Min | 14 | 1,428 | ₹2,09,916 |
| S-HNI Max | 66 | 6,732 | ₹9,89,604 |
| B-HNI Min | 67 | 6,834 | ₹10,04,598 |
JSW Cement IPO GMP (Grey Market Premium)
The GMP reflects the expected market demand for the IPO before listing.
| Date | IPO Price | GMP | Estimated Listing Price | Estimated Listing Gains |
|---|---|---|---|---|
| 05-08-2025 | ₹147 | ₹19 | ₹166 | 12.93% |
| 04-08-2025 | ₹147 | ₹19 | ₹166 | 12.93% |
| 03-08-2025 | ₹147 | ₹0 | ₹147 | 0% |
| 02-08-2025 | ₹147 | ₹0 | ₹147 | 0% |
As of 5th August 2025, the GMP is ₹19, indicating a likely listing price of ₹166 per share, reflecting potential listing gains of 12.93%.
JSW Cement Financial Performance
Financial health is a key consideration for IPO investments. Despite being a growing cement player, JSW Cement faced a dip in profitability in FY25.
Financial Highlights (in ₹ crore):
| Year Ended | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| Revenue | 5,914.67 | 6,114.60 | 5,982.21 |
| Profit After Tax | -163.77 | 62.01 | 104.04 |
| EBITDA | 815.32 | 1,035.66 | 826.97 |
| Assets | 12,003.94 | 11,318.91 | 10,218.61 |
| Net Worth | 2,352.55 | 2,464.68 | 2,292.10 |
| Total Borrowing | 6,166.55 | 5,835.76 | 5,421.54 |
Key Insights:
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Revenue dropped 3% YoY in FY25.
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PAT turned negative at -₹163.77 crore, a 394% decline.
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Borrowings increased, indicating higher leverage.
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EBITDA margin at 13.78%, reflecting operational challenges.
JSW Cement Technical Analysis
| Indicator | Pre-IPO | Post-IPO |
|---|---|---|
| PE Ratio | -112.61 | -122.38 |
| EPS | -1.31 | -1.20 |
| RoNW | -4.85% | – |
| ROCE | 7.05% | – |
| Price to Book Value | 6.16 | – |
| Market Capitalisation | ₹20,041.46 Cr | – |
Analysis:
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Negative EPS and PE suggest current losses.
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ROCE at 7.05% shows moderate capital efficiency.
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Price to Book Value 6.16 indicates premium valuation.
Peer Comparison
| Company | EPS | P/E Ratio | RoNW | Revenue (₹ Cr) |
|---|---|---|---|---|
| JSW Cement Ltd | -1.31 | -112.61 | -4.85 | 5,915 |
| Ultratech Cement Ltd | 233.73 | 52.42 | 8.54 | 71,525 |
| Ambuja Cement Ltd | 17.52 | 34.54 | 7.80 | 34,326 |
| Shree Cements Ltd | 412.08 | 74.31 | 5.21 | 21,025 |
| Dalmia Bharat Ltd | 49.85 | 2.40 | 3.93 | 15,006 |
| JK Cement Ltd | 129.45 | 52.37 | 58.39 | 11,701 |
| The Ramco Cements Ltd | 11.54 | 101.48 | 103.5 | 9,415 |
| India Cements Ltd | -10.81 | -33.46 | 2.38 | 5,056 |
Observation:
JSW Cement is currently loss-making but has strong growth potential in green cement and infrastructure-driven demand.
Promoter Holding
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Pre-Issue Holding: 78.62%
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Post-Issue Holding: 72.34%
Promoters include Sajjan Jindal, Parth Jindal, Sangita Jindal, and associated entities.
Objectives of the IPO
JSW Cement plans to utilize the proceeds for:
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Repayment or prepayment of borrowings.
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Funding a new cement unit in Nagpur, Rajasthan.
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General corporate purposes and business expansion.
Pros and Cons of Investing in JSW Cement IPO
Pros:
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Strong backing of the JSW Group.
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Fastest-growing eco-friendly cement manufacturer.
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Strategically located plants for cost efficiency.
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Strong demand from housing and infrastructure sectors.
Cons:
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High competition from Ultratech and Shree Cement.
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Negative PAT and rising borrowings.
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High fuel and logistics costs affecting profitability.
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Industry linked to environmental regulations.
Subscription Status and Allotment
The subscription data will be updated during the IPO window (7th–11th August 2025).
Allotment Check Methods:
On NSE:
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Visit NSE official website.
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Go to IPO allotment section.
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Enter PAN or application number.
On Registrar Portal (Kfin Technologies):
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Visit Kfintech’s IPO section.
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Enter required details.
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Check allotment status.
Conclusion: Should You Invest in JSW Cement IPO?
JSW Cement IPO offers a moderate listing gain potential (~13%) based on current GMP. While the company has a robust brand and market presence, its loss-making status and high debt are cautionary points.
Best suited for:
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Investors seeking short-term listing gains.
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Long-term investors willing to bet on green cement growth and infrastructure demand.
Caution: Risk-averse investors should evaluate the negative PAT and high competition before subscribing.
