JSW Cement Limited IPO...
05 Aug, 2025
JSW Cement Limited IPO
The IPO pricing range for JSW Cement Limited IPO is ₹139 to ₹147 per share and it will be available from August 7, 2025, to August 11, 2025. The entire offering size is ₹3,600 crore, which includes a ₹1,600 crore new issue and an offer of sale (OFS) of ₹2,000 crore. The IPO will be designed to have a maximum of 50% of the issue to qualified institutional buyers (QIBs), 15% to non-institutional investors (NIIs) and the rest 35% to retail investors. Retail investors must have at least 102 shares. The shares of JSW Cement will be listed on August 14, 2025.
Company Background
JSW Cement Limited is a subsidiary of JSW Group, a massive Indian conglomerate that deals with steel, energy, infrastructure and cement, which was founded in 2009. JSW Cement is a market leader in Green Cement while being sustainable and innovative as well. It has expanded exponentially over the years and as of March 2025, it has seven plants in India with an installed grinding capacity of 20.60 million metric tonnes per annum (MMTPA) and clinker capacity of 6.44 MMTPA. The company is planning to increase grinding capacity to 41.85 MMTPA and clinker capacity to 13.04 MMTPA with the current greenfield and brownfield projects.
Operations & Product Range
Facility & Production
The production infrastructure of JSW Cement is made up of seven large manufacturing plants that are strategically positioned to ensure efficient logistics and fulfill the market demand. The plants are highly modernized to produce a wide range of cementitious products. The company sources slag from JSW Steel plants, which ensures vertical integration, lower costs of raw materials and a smaller carbon footprint. It also has an expansion into a significant new integrated unit in Nagaur, Rajasthan.
Brands & Market Presence
JSW Cement manufactures:
- • Portland Slag Cement (PSC)
- • Ordinary Portland Cement (OPC)
- • Portland Composite Cement (PCC)
- • Ground Granulated Blast Furnace Slag (GGBS)
- • Ready-Mix Concrete (RMC)
- • Construction chemicals, tile adhesives, grouts and waterproofing compounds
JSW Cement has a strong brand presence in South, West & East India and its products are sold via more than 5,000 dealers and 10,000 sub-dealers in 15 states, catering to the retail and institutional market (including large infra, railway and metro projects).
Revenue Channels
The major sources of revenue of JSW Cement include:
- • Production and sale of different grades of cement and allied products
- • Domestic and some international sales of cementitious products
- • The major client segments are infrastructure, residential, commercial construction, government projects and bulk institutional buyers.
Management & Shareholding
Promoters & Shareholding
JSW Cement IPO is promoted by the JSW Group, headed by Sajjan Jindal and family. The promoters own roughly 78.61% of the company before the IPO, which will decrease to roughly 72.33% after the issue. Key selling shareholders are State Bank of India, Synergy Metals Investments Holding and AP Asia Opportunistic Holdings Pte. Ltd.
Board Members
The most important board members are:
- • Mr. Seshagiri Rao Venkata Satya Metlapalli (Chairman, Non-Executive Director)
- • Mr. Parth Jindal (Managing Director)
- • Mr. Nilesh Narwekar (Whole-Time Director)
- • Other directors bring expertise in finance, operations, law and industrial strategy.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
JSW Cement Limited IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
JSW Cement Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | August 7, 2025 to August 11, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹139 to ₹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 |
JSW Cement Limited IPO Timeline
| Detail | Description |
|---|---|
| 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 | 5 PM on August 11, 2025 |
| confirmation | - |
JSW Cement Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 102 | ₹14,994 |
| Retail (Max) | 13 | 1326 | ₹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 Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
JSW Cement Limited IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 78.62% | 72.34% |
Competitive Strength:
- ● Strong Parentage and Group Synergy: JSW Group assists in the availability of capital, raw materials (steel slag, power) and infrastructure, which lowers the input costs and allows aggressive expansions.
- ● Green Cement Leadership: Focus on environment-friendly, blended cement, use of steel unit by-products to make the production sustainable.
- ● Integrated Supply Network: Costs in the supply chain are minimized and the speed of delivery is enhanced because of the nearness of plants to raw materials and demand regions.
- ● Robust Distribution: Wide presence across India via thousands of dealers and sub-dealers, plus major institutional customers.
- ● Proven Execution: Capability to expand at a cheaper cost with modular, asset-light strategies and in-house EPC teams.
- ● Established Brand: Well-recognized, with strong recall among B2B and B2C segments across major geographies.
JSW Cement Limited IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 12,003.94 | 5,914.67 | -163.77 | 2,352.55 | 6,166.55 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 11,319 | 6,115 | 62 | 2,465 | 5,835.76 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 10,218.61 | 5,982.21 | 104.04 | 2,292.10 | 5,421.54 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | -6.90 |
| ROCE | 7.05% |
| Debt/Equity | 0.98 |
| RoNW | -4.85% |
| PAT Margin | -2.77% |
| EBITDA Margin | 13.78% |
| Price to Book Value | 6.16 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -1.31 | -1 |
| P/E (x) | -112.61 | -122 |
IPO Objectives
- ● New Facility: Approximately ₹800 crore will be set aside to construct an integrated cement plant in Nagaur, Rajasthan to penetrate the markets in the north.
- ● Debt Reduction: Proceeds of about ₹520 crore will be used to repay or prepay existing borrowings with the aim of strengthening the balance sheet.
- ● General Corporate Purposes: Remaining funds to be used for corporate needs, working capital and further expansion.
Conclusion
JSW Cement IPO provides an opportunity for investors to join the growth story of one of the fastest-growing, environmentally conscious cement manufacturers in India with robust group synergies and a diversified product portfolio. The proceeds will be used to facilitate both growth and deleveraging, which will boost its competitive advantage in a vibrant infrastructure market. The IPO is taking place in the wake of high capex and reflects the vision of the company to gain a bigger portion of the booming cement market in India.
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Frequently asked Questions (FAQs )
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1. When is the JSW Cement IPO?
The initial public offering (IPO) will be open from August 7, 2025, until August 11, 2025.
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2. How large and what is its composition of the issue?
The IPO consists of ₹3,600 crore worth of shares, ₹1,600 crore fresh issue and ₹2,000 crore offer of sale by existing investors.
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3. What will the IPO money be used for?
The money will be utilized in establishing a new plant in Nagaur, Rajasthan (₹800 crore), debt repayment (₹520 crore) and general corporate use.
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4. Who are the main promoters and significant shareholders after the IPO?
JSW Group (Jindal family) is the major promoter. After the IPO, promoter holding will reduce to around 72.33%. Other significant shareholders include Synergy Metals Investments, AP Asia Opportunistic Holdings and State Bank of India.
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5. What are JSW Cement’s major products?
Key products are Portland Slag Cement (PSC), Ordinary Portland Cement (OPC), Portland Composite Cement (PCC), GGBS, RMC and construction chemicals.
