JSW Cement’s much-anticipated ₹3,600 crore IPO is set to open for public subscription on August 7, 2025, closing on August 11, 2025. The price band for the JSW Cement IPO ranges from ₹139 to ₹147 per equity share, with each share assigned a nominal face value of ₹10.
The total issue includes a fresh equity infusion of ₹1,600 crore and an offer-for-sale worth ₹2,000 crore by current shareholders. Key OFS contributors include Apollo Management’s affiliate AP Asia Opportunistic Holdings (₹931.80 crore), Synergy Metals Investments (₹938.50 crore), and the State Bank of India (₹129.70 crore).
Investor category allocation:
- Qualified Institutional Buyers (QIBs): up to 50%
- Non-Institutional Investors (NIIs): ~15%
- Retail investors: at least 35%
Minimum bidding lot size for retail is 102 shares and multiples thereof.
Grey Market Premium (GMP) trends suggest a potential listing upside of ~13%, with GMP currently around ₹20–21 above the upper end of the price band. This reflects strong investor sentiment in the unofficial market.
The allotment process is likely to be completed by August 12, followed by refund initiation and demat account crediting on August 13. The IPO shares are scheduled to debut on both the BSE and NSE on August 14, 2025.
JSW Cement, part of the Sajjan Jindal-led JSW Group, operates seven manufacturing plants across southern, eastern, and western India. It is also a market leader in ground granulated blast furnace slag (GGBS), holding over 80% market share in FY24.
Financial snapshot (FY24 vs FY23):
| Metric | FY24 | FY23 |
| Revenue from operations | ₹6,028 crore | ₹5,837 crore |
| Profit after tax (PAT) | ₹62 crore | ₹104 crore |
The company reported revenue growth but experienced a decline in net profit year-over-year.
Use of IPO proceeds:
- ₹800 crore allocated toward the construction of a new integrated cement facility at Nagaur, Rajasthan.
- ₹520 crore designated for prepayment or repayment of outstanding borrowings.
- The remainder will support general corporate purposes and strategic expansion.
With SEBI approval secured in January 2025 after a brief regulatory delay, JSW Cement is now moving forward with the IPO launch. Initially, the company had proposed a ₹4,000 crore issue, later trimmed to ₹3,600 crore in its final prospectus.
In summary, this IPO presents a significant fundraising effort by a major player in India’s cement sector. Investors are drawn by potential listing gains, expansion ambitions, and backing by a well-recognized group. However, the recent financial dip in profitability raises questions about short‑term performance stability.
