JSW Cement IPO: Check IPO Date, Live Subscription and Key Details
JSW Cement, part of the JSW Group, is one of the fastest-growing cement companies in India. According to a CRISIL report, it is among the top 10 cement companies in terms of sales volume and installed capacity (20.60 MMTPA) as of March 31, 2025. The company's product offerings include Cement, Cementitious materials (slag cement), Aggregates, Additives, Plaster, and Ready Mix Concrete. JSW Cement operates seven manufacturing facilities across India in Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, Odisha, and West Bengal. It has a strong distribution network with 4,653 dealers, 8,844 sub-dealers, and 158 strategically placed warehouses. The company is India’s largest manufacturer of Ground Granulated Blast Furnace Slag (GGBFS), a key component in eco-friendly slag cement.
Price Range
₹139.00-147.00
Issue Size
3,600
Lot Size
102 shares
IPO Type
Mainboard
GMP
₹4.5(+3.06%)
Est. Listing Price
₹151.5
Invisible
-
Invisible
-
Key Metrics
Check Live GMP
Face Value
₹10
EPS
-1.2
P/E Ratio
-112.38
RoNW
-4.85%
ROE
-6.9%
Debt to Equity
2.62
Timeline
IPO Opens
7 Aug
IPO Closes
11 Aug
Allotment
12 Aug
Listing
14 Aug
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 7 August 2025 | Subscription starts |
| IPO Close Date | 11 August 2025 | Subscription ends |
| Allotment Date | 12 August 2025 | Allotment |
| Listing Date | 14 August 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,994 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,922 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,916 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,89,604 |
BHNIAbove ₹10,00,000 | 67 | ₹10,04,598 |
IPO Objectives
- 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 the Company.
- General Corporate Purposes.
Strengths
- This company is a market leader as India's largest manufacturer of Ground Granulated Blast Furnace Slag (GGBFS), an eco-friendly cement component, giving it a unique advantage.
- It benefits from strong group support, as being part of the JSW Group ensures a stable supply of key raw materials like slag, which helps manage costs.
- The company has a wide-reaching sales and distribution network with thousands of dealers, a strong brand, and strategically located facilities that ensure efficient logistics.
- Its installed capacity has grown significantly from 14.5 MMTPA in FY23 to 20.6 MMTPA in FY25, positioning it for future market share gains.
- The IPO proceeds will be used to fund a new cement unit and repay debt, which will directly improve its financial health and support future expansion plans.
Weaknesses
- The company's financial performance has taken a hit, as it reported a significant loss of ₹163.77 crore in FY25, a sharp decline from previous years' profits.
- It carries a high debt-to-equity ratio of 2.62, indicating a heavy debt burden that remains even after the IPO's planned debt repayment.
- The business operates in a highly cyclical cement industry that is sensitive to economic factors like construction and real estate demand.
- It faces intense competition from larger, more established players such as UltraTech and Ambuja, who have greater brand recognition and financial resources.
- The IPO includes a massive Offer for Sale (OFS) of ₹2,000 crore, meaning a large portion of the money will go to existing shareholders instead of being used for the company's direct growth.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 12,003.94 | 11,318.91 | 10,218.61 |
| Revenue (₹ Cr.) | 5,914.67 | 6,114.6 | 5,982.21 |
| PAT (₹ Cr.) | -163.77 | 62.01 | 104.04 |
| Net Worth (₹ Cr.) | 2,352.55 | 2,464.68 | 2,292.1 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| JSW Cement | 6.16 | -112.38 | -6.9% | 2,130.65 |
| Ultratech Cement Ltd. | 5.07 | 52.06 | 8.54% | 73,893 |
| Ambuja Cements Limited | 2.57 | 33.13 | 7.8% | 63,811 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.24x | 0.26x | 16.71x |
| NII | 0.21x | 0.65x | 11.6x |
| S-HNI | 0.36x | 0.98x | 8.24x |
| B-HNI | 0.14x | 0.49x | 13.29x |
| RII | 0.38x | 0.76x | 1.91x |
| Total | 0.3x | 0.59x | 8.22x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 4,89,79,594 | 81,86,50,266 | 12,034.16 |
| NII | 3,67,34,694 | 42,62,44,638 | 6,265.8 |
| Small NII | 1,22,44,898 | 10,08,90,444 | 1,483.09 |
| Big NII | 2,44,89,796 | 32,53,54,194 | 4,782.71 |
| RII | 8,57,14,286 | 16,39,09,104 | 2,409.46 |
| Total | 17,14,28,574 | 1,40,88,04,008 | 20,709.42 |
Company Details
- JSW Cement Ltd.
- JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra-400051
- +91 22 4286 3114
- secretarial.jswcl@jsw.in
- http://www.jswcement.in/
Registrar Details
- Kfin Technologies Limited
- 04067162222, 04079611000
- jswcement.ipo@kfintech.com
- https://kosmic.kfintech.com/ipostatus/