JSW Cement Limited, a prominent name in the Indian cement manufacturing space, has opened its Initial Public Offering (IPO) for subscription on 7th August 2025. This highly awaited IPO aims to raise ₹3,600 crore through a mix of fresh issue and offer for sale. The issue has already generated buzz in both retail and institutional circles, with its Grey Market Premium (GMP) starting to trend upwards ahead of the listing.
The IPO is an important milestone for the company as it looks to expand capacity, reduce debt, and establish a stronger market presence in North and West India through new facilities. Here’s a detailed look at everything you need to know about the JSW Cement IPO—from issue structure and objectives to GMP updates, financials, peer comparison, and listing expectations.
JSW Cement IPO GMP (Grey Market Premium) Updates
As of 7th August 2025, the GMP for JSW Cement stands at ₹8. Based on the upper end of the price band, which is ₹147, this puts the estimated listing price at around ₹155 per share. This suggests an estimated listing gain of 5.44%.
Here is a summary of GMP data from recent days:
| Date | IPO Price | GMP | Estimated Listing Price | Estimated Listing Gain |
|---|---|---|---|---|
| 07-08-2025 | ₹147.00 | ₹8.00 | ₹155.00 | 5.44% |
| 06-08-2025 | ₹147.00 | ₹8.00 | ₹155.00 | 5.44% |
| 05-08-2025 | ₹147.00 | ₹14.00 | ₹161.00 | 12.93% |
| 04-08-2025 | ₹147.00 | ₹19.00 | ₹166.00 | 12.93% |
| 03-08-2025 | ₹147.00 | ₹0.00 | ₹147.00 | 0.00% |
| 02-08-2025 | ₹147.00 | ₹0.00 | ₹147.00 | 0.00% |
The fluctuation in GMP reflects changing investor sentiment, driven by company fundamentals, market liquidity, and broader economic cues.
JSW Cement IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | 7th August 2025 |
| IPO Close Date | 11th August 2025 |
| IPO Allotment Date | 12th August 2025 |
| Refund Initiation Date | 13th August 2025 |
| Listing Date | 14th August 2025 |
| Total Issue Size | ₹3,600 crore |
| Fresh Issue | ₹1,600 crore (10.88 crore shares) |
| Offer for Sale (OFS) | ₹2,000 crore (13.61 crore shares) |
| Price Band | ₹139 to ₹147 per share |
| Lot Size | 102 shares |
| Face Value | ₹10 per share |
| Issue Type | Book Building IPO |
| Exchanges Listed | BSE and NSE |
| Minimum Investment | ₹14,994 (1 lot = 102 shares) |
Objectives of the JSW Cement IPO
The ₹3,600 crore issue will be utilised for various corporate and expansion activities. The funds from the fresh issue are expected to serve three key purposes:
-
Debt Repayment or Prepayment:
A portion of the proceeds will be used to reduce existing debt obligations, improving the company’s balance sheet and lowering interest costs. -
New Cement Unit in Rajasthan:
JSW Cement aims to set up a new production unit in Nagaur, Rajasthan. This aligns with the company’s long-term strategy of expanding its market share in North and West India. -
General Corporate Purposes:
The rest of the funds will be used for working capital needs, technological upgrades, and other general corporate expenditures.
JSW Cement Financial Overview
Despite being a major name in the cement sector, JSW Cement’s financials reveal mixed performance, especially in the last fiscal year.
Revenue and Profit Trends
| Particulars | FY24 | FY25 | % Change |
|---|---|---|---|
| Revenue (₹ crore) | ₹6,114.60 | ₹5,914.67 | -3.27% |
| PAT (₹ crore) | ₹62.01 | ₹-163.77 | -394% |
The decline in revenue and significant fall in net profit reflect headwinds such as rising input costs, sluggish construction activity in certain markets, and higher freight charges.
Technical and Valuation Metrics
| Indicator | Pre-IPO | Post-IPO |
|---|---|---|
| PE Ratio | -112.61 | -122.38 |
| EPS | -1.31 | -1.20 |
| RoNW | -4.85% | — |
| ROCE | 7.05% | — |
| ROE | -6.90% | — |
| EBITDA Margin | 13.78% | — |
| Price to Book Value | 6.16 | — |
| Market Capitalisation | ₹20,041.46 Cr | — |
The negative PE ratio and EPS figures reflect the company’s current loss-making status. However, a healthy EBITDA margin of 13.78% shows operational efficiencies in place.
Peer Comparison
JSW Cement’s financials, when compared with its listed peers, show that the company is at a relatively early stage in terms of profitability.
| Company Name | EPS | PE Ratio | RoNW | Revenue (₹ Cr) |
|---|---|---|---|---|
| JSW Cement Ltd | -1.31 | -112.61 | -4.85 | 5,982.21 |
| 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 Cement Ltd | 11.54 | 101.48 | 103.50 | 9,415 |
| India Cements Ltd | -10.81 | -33.46 | 2.38 | 5,056 |
While JSW Cement trails its peers in terms of profitability and returns, its long-term growth potential remains promising given the backing of the JSW Group and capacity expansion plans.
Registrar Details
The IPO registrar is Kfin Technologies Limited, responsible for allotment and refund procedures. Investors may contact them for queries via:
-
Email: reachus@kfintech.com
-
Phone: 040-67162222, 040-79611000
Analyst Review
The JSW Cement IPO has received neutral ratings from most brokerages and analysts. While the company has a reputed brand and sound operational infrastructure, concerns exist over profitability and recent financial performance.
Key observations:
-
Positive Factors:
Backed by JSW Group, national presence, rising cement demand in India, experienced leadership. -
Concerns:
Declining revenue and PAT, negative net margins, high valuations, intense competition.
Some brokers suggest cautious optimism, recommending retail investors consider the IPO only if looking for long-term exposure in the cement sector.
Investor FAQs
What is the GMP of the JSW Cement IPO?
As of 7th August 2025, the GMP is ₹8 per share, suggesting an estimated listing price of ₹155, with a listing gain potential of 5.44%.
What is the issue price?
The IPO price band is ₹139 to ₹147 per share. Retail investors can bid for 1 lot of 102 shares costing ₹14,994.
Who is the IPO registrar?
Kfin Technologies Ltd is the registrar for this IPO. They will handle allotment and refund processes.
Final Verdict: Should You Invest?
Consider Investing If:
-
You believe in the long-term demand for cement in India due to government infra push and housing.
-
You trust the JSW Group’s execution capabilities and market positioning.
-
You’re willing to accept near-term losses for future growth prospects.
Avoid or Wait If:
-
You’re looking for quick listing gains only, as the GMP is modest.
-
You prefer companies with proven profitability and lower valuations.
-
You’re concerned about economic or sectoral headwinds.
Conclusion
JSW Cement’s IPO marks a significant step in the company’s capital market journey. With an issue size of ₹3,600 crore, it is one of the larger cement IPOs in recent years. While the fundamentals show room for improvement, the company’s ambitious expansion plan and strong promoter backing offer potential for long-term growth.
Retail investors are advised to study the company’s financials, objectives, and risk factors carefully before applying. As with any investment, diversification and due diligence are essential.
ALSO READ: Share Market Holidays August 2025: NSE & BSE
