JSW Cement IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Aug 07 to Aug 11 2025
Price Band
₹147
Current GMP
₹153.5(+4.42%)
Subscription
8.22 times
IPO Details
| IPO Date | August 7, 2025 to August 11, 2025 |
| Listing Date | August 14, 2025 |
| Face Value | ₹10 per share |
| Issue Price | ₹147 per share |
| Lot Size | 102 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 24,48,97,958 shares (aggregating up to ₹3,600.00 Cr) |
| Fresh Issue | 10,88,43,537 shares (aggregating up to ₹1,600.00 Cr) |
| Offer for Sale | 13,60,54,421 shares of ₹10 (aggregating up to ₹2,000.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 1,25,45,21,399 shares |
| Share Holding Post Issue | 1,36,33,64,936 shares |
IPO Date
August 7, 2025 to August 11, 2025
Listing Date
August 14, 2025
Face Value
₹10 per share
Issue Price
₹147 per share
Lot Size
102 Shares
Sale Type
Fresh Capital-cum-Offer for Sale
Total Issue Size
24,48,97,958 shares (aggregating up to ₹3,600.00 Cr)
Fresh Issue
10,88,43,537 shares (aggregating up to ₹1,600.00 Cr)
Offer for Sale
13,60,54,421 shares of ₹10 (aggregating up to ₹2,000.00 Cr)
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Share Holding Pre Issue
1,25,45,21,399 shares
Share Holding Post Issue
1,36,33,64,936 shares
IPO Subscription Details
| Anchor Investors | 1 |
| Qualified Institutions | 16.71 |
| Non-Institutional Buyers | 11.60 |
| bNII (bids above ₹10L) | 13.29 |
| sNII (bids below ₹10L) | 8.24 |
| Retail Investors | 1.91 |
| Total ** | 8.22 |
Anchor Investors
1
Qualified Institutions
16.71
Non-Institutional Buyers
11.60
bNII (bids above ₹10L)
13.29
sNII (bids below ₹10L)
8.24
Retail Investors
1.91
Total **
8.22
Day Wise Sub
| Day | QIB | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 Aug 7, 2025 | 0.24 | 0.21 | 0.14 | 0.36 | 0.38 | 0.30 |
| Day 2 Aug 8, 2025 | 0.26 | 0.65 | 0.49 | 0.98 | 0.76 | 0.59 |
| Day 3 Aug 11, 2025 | 16.71 | 11.60 | 13.29 | 8.24 | 1.91 | 8.22 |
DayDay 1
Aug 7, 2025
QIB0.24
NII0.21
NII (> ₹10L)0.14
NII (< ₹10L)0.36
Retail0.38
Total0.30
DayDay 2
Aug 8, 2025
QIB0.26
NII0.65
NII (> ₹10L)0.49
NII (< ₹10L)0.98
Retail0.76
Total0.59
DayDay 3
Aug 11, 2025
QIB16.71
NII11.60
NII (> ₹10L)13.29
NII (< ₹10L)8.24
Retail1.91
Total8.22
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 12-08-2025 | 147.00 | 4.25(2.89%) | 151.25 |
| 11-08-2025 | 147.00 | 4.25(2.89%) | 151.25 |
| 10-08-2025 | 147.00 | 5(3.40%) | 152 |
| 09-08-2025 | 147.00 | 8.5(5.78%) | 155.5 |
| 08-08-2025 | 147.00 | 9(6.12%) | 156 |
| 07-08-2025 | 147.00 | 13(8.84%) | 160 |
| 06-08-2025 | 147.00 | 6(4.08%) | 153 |
| 05-08-2025 | 147.00 | 14(9.52%) | 161 |
| 04-08-2025 | 147.00 | 19(12.93%) | 166 |
| 03-08-2025 | 0(0.00%) | (0.00%) | |
| 02-08-2025 | 0(%) | (%) |
Date12-08-2025
Price147.00
GMP4.25(2.89%)
Estimate List Price151.25
Date11-08-2025
Price147.00
GMP4.25(2.89%)
Estimate List Price151.25
Date10-08-2025
Price147.00
GMP5(3.40%)
Estimate List Price152
Date09-08-2025
Price147.00
GMP8.5(5.78%)
Estimate List Price155.5
Date08-08-2025
Price147.00
GMP9(6.12%)
Estimate List Price156
Date07-08-2025
Price147.00
GMP13(8.84%)
Estimate List Price160
Date06-08-2025
Price147.00
GMP6(4.08%)
Estimate List Price153
Date05-08-2025
Price147.00
GMP14(9.52%)
Estimate List Price161
Date04-08-2025
Price147.00
GMP19(12.93%)
Estimate List Price166
Date03-08-2025
Price
GMP0(0.00%)
Estimate List Price(0.00%)
Date02-08-2025
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| IPO Open Date | Thu, Aug 7, 2025 |
| IPO Close Date | Mon, Aug 11, 2025 |
| Tentative Allotment | Tue, Aug 12, 2025 |
| Initiation of Refunds | Wed, Aug 13, 2025 |
| Credit of Shares to Demat | Wed, Aug 13, 2025 |
| Tentative Listing Date | Thu, Aug 14, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 11, 2025 |
IPO Open Date
Thu, Aug 7, 2025
IPO Close Date
Mon, Aug 11, 2025
Tentative Allotment
Tue, Aug 12, 2025
Initiation of Refunds
Wed, Aug 13, 2025
Credit of Shares to Demat
Wed, Aug 13, 2025
Tentative Listing Date
Thu, Aug 14, 2025
Cut-off time for UPI mandate confirmation
5 PM on August 11, 2025
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| 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 |
ApplicationRetail (Min)
Lots1
Shares102
Amount₹14,994
ApplicationRetail (Max)
Lots13
Shares1,326
Amount₹1,94,922
ApplicationS-HNI (Min)
Lots14
Shares1,428
Amount₹2,09,916
ApplicationS-HNI (Max)
Lots66
Shares6,732
Amount₹9,89,604
ApplicationB-HNI (Min)
Lots67
Shares6,834
Amount₹10,04,598
Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 12,003.94 | 11,318.91 | 10,218.61 |
| Total Income | 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 |
| Net Worth | 2,352.55 | 2,464.68 | 2,292.10 |
| Reserves and Surplus | 1,287.31 | 1,399.06 | 1,296.66 |
| Total Borrowing | 6,166.55 | 5,835.76 | 5,421.54 |
Period EndedPeriod Ended
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
31 Mar 202331 Mar 2023
Period EndedAssets
31 Mar 202512,003.94
31 Mar 202411,318.91
31 Mar 202310,218.61
Period EndedTotal Income
31 Mar 20255,914.67
31 Mar 20246,114.60
31 Mar 20235,982.21
Period EndedProfit After Tax
31 Mar 2025-163.77
31 Mar 202462.01
31 Mar 2023104.04
Period EndedEBITDA
31 Mar 2025815.32
31 Mar 20241,035.66
31 Mar 2023826.97
Period EndedNet Worth
31 Mar 20252,352.55
31 Mar 20242,464.68
31 Mar 20232,292.10
Period EndedReserves and Surplus
31 Mar 20251,287.31
31 Mar 20241,399.06
31 Mar 20231,296.66
Period EndedTotal Borrowing
31 Mar 20256,166.55
31 Mar 20245,835.76
31 Mar 20235,421.54
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| JSW Cement Limited | -1.16 | -1.16 | 23.85 | -4.85 | ||
| Ultratech Cement Limited | 205.30 | 205.13 | 2,403.71 | 59.56 | 8.54 | 5.08 |
| Ambuja Cements Limited | 17.00 | 16.96 | 218.00 | 35.97 | 7.80 | 2.80 |
| Shree Cement Limited | 311.18 | 311.18 | 5,969.32 | 97.77 | 5.21 | 5.10 |
| Dalmia Bharat Limited | 36.42 | 36.42 | 926.34 | 60.39 | 3.93 | 2.37 |
| Jk Cement Limited | 111.44 | 111.44 | 788.03 | 58.39 | 14.14 | 8.26 |
| The Ramco Cements Limited | 11.53 | 11.53 | 314.82 | 103.50 | 3.66 | 3.80 |
| The India Cements Limited | 153.23 | 153.23 | 328.95 | 2.38 | -1.41 | 1.11 |
Company NameJSW Cement Limited
EPS (Basic)-1.16
EPS (Diluted)-1.16
NAV (per share) (Rs)23.85
P/E (x)
RoNW (%)-4.85
P/BV Ratio
Company NameUltratech Cement Limited
EPS (Basic)205.30
EPS (Diluted)205.13
NAV (per share) (Rs)2,403.71
P/E (x)59.56
RoNW (%)8.54
P/BV Ratio5.08
Company NameAmbuja Cements Limited
EPS (Basic)17.00
EPS (Diluted)16.96
NAV (per share) (Rs)218.00
P/E (x)35.97
RoNW (%)7.80
P/BV Ratio2.80
Company NameShree Cement Limited
EPS (Basic)311.18
EPS (Diluted)311.18
NAV (per share) (Rs)5,969.32
P/E (x)97.77
RoNW (%)5.21
P/BV Ratio5.10
Company NameDalmia Bharat Limited
EPS (Basic)36.42
EPS (Diluted)36.42
NAV (per share) (Rs)926.34
P/E (x)60.39
RoNW (%)3.93
P/BV Ratio2.37
Company NameJk Cement Limited
EPS (Basic)111.44
EPS (Diluted)111.44
NAV (per share) (Rs)788.03
P/E (x)58.39
RoNW (%)14.14
P/BV Ratio8.26
Company NameThe Ramco Cements Limited
EPS (Basic)11.53
EPS (Diluted)11.53
NAV (per share) (Rs)314.82
P/E (x)103.50
RoNW (%)3.66
P/BV Ratio3.80
Company NameThe India Cements Limited
EPS (Basic)153.23
EPS (Diluted)153.23
NAV (per share) (Rs)328.95
P/E (x)2.38
RoNW (%)-1.41
P/BV Ratio1.11
IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 12,24,48,980 (50.00%) | NA |
| − Anchor Investor Shares Offered | 7,34,69,386 (30.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 4,89,79,594 (20.00%) | NA |
| NII (HNI) Shares Offered | 3,67,34,694 (15.00%) | NA |
| − bNII > ₹10L | 2,44,89,796 (10.00%) | 17,149 |
| − sNII < ₹10L | 1,22,44,898 (5.00%) | 8,574 |
| Retail Shares Offered | 8,57,14,286 (35.00%) | 8,40,336 |
| Total Shares Offered | 24,48,97,960 (100.00%) |
Investor CategoryQIB Shares Offered
Shares Offered12,24,48,980 (50.00%)
Maximum AllotteesNA
Investor Category− Anchor Investor Shares Offered
Shares Offered7,34,69,386 (30.00%)
Maximum AllotteesNA
Investor Category− QIB (Ex. Anchor) Shares Offered
Shares Offered4,89,79,594 (20.00%)
Maximum AllotteesNA
Investor CategoryNII (HNI) Shares Offered
Shares Offered3,67,34,694 (15.00%)
Maximum AllotteesNA
Investor Category− bNII > ₹10L
Shares Offered2,44,89,796 (10.00%)
Maximum Allottees17,149
Investor Category− sNII < ₹10L
Shares Offered1,22,44,898 (5.00%)
Maximum Allottees8,574
Investor CategoryRetail Shares Offered
Shares Offered8,57,14,286 (35.00%)
Maximum Allottees8,40,336
Investor CategoryTotal Shares Offered
Shares Offered24,48,97,960 (100.00%)
Maximum Allottees
Information about company
Incorporated in 2006, JSW Cement Limited is a manufacturer of green cement in India. As part of the JSW Group, the company is committed to sustainability and innovation in the cement industry.
The company operated seven plants across the country, including one integrated unit, one clinker unit, and five grinding units located in Andhra Pradesh (Nandyal plant), Karnataka (Vijayanagar plant), Tamil Nadu (Salem plant), Maharashtra (Dolvi plant), West Bengal (Salboni plant), and Odisha (Jajpur plant and the majority-owned Shiva Cement Limited clinker unit).
As of March 31, 2025, JSW Cement Limited had an installed grinding capacity of 20.60 MMTPA, comprising 11.00 MMTPA in the southern region, 4.50 MMTPA in the western region, and 5.10 MMTPA in the eastern region of India.
Product Portfolio:
Cement: Blended Cement and Ordinary Portland Cement
Ground Granulated Blast Furnace Slag: GGBS is commonly used in blended cement products such as PSC and PCC and as a replacement material for OPC in concrete production.
Clinker: Clinker is manufactured by burning limestone and clay together at a high temperature
Allied Cementitious Products: RMC, Screened Slag, Construction Chemicals
JSW Cement Limited distributes its products through a well-connected network. As of March 31, 2025, the company had a distribution network comprising 4,653 dealers, 8,844 sub-dealers, and 158 warehouses.
Competitive Strengths:
The company is the fastest growing cement manufacturing company in India in terms of increase in installed grinding capacity and sales volume.
The company is India’s largest manufacturer of GGBS and has a proven track record of scaling up this business.
Strategically located plants well-connected to raw material sources and key consumption markets.
The company has lowest carbon dioxide emission intensity among our peer cement manufacturing companies and the top global cement manufacturing companies.
Extensive sales and distribution network in India and focus on strong brand.
The company benefits from its strong corporate lineage of the JSW Group and its qualified management team.
Objectives of IPO
The Company JSW Cement IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (₹ in crores)
1
Part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan
800.00
2
Prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company
520.00
3
General Corporate Purposes
226.80
Disclaimer
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