JSW Cement IPO GMP Today
As of today, JSW Cement’s IPO is witnessing mild traction in the grey market, with shares expected to list near Rs 152—about 3.4% higher than the issue price. This GMP reflects cautious optimism, hinting at a potentially steady debut. However, since the GMP is based on informal, off-market trades, it should be viewed only as an indicator of sentiment rather than a guarantee of the listing price.
JSW Cement IPO Subscription Status
By 11:15 AM on Day 3, total subscription stood at 79%, according to stock exchange data.
Retail Individual Investors (RIIs): 99% subscription against the allotted 9.06 crore shares. Non-Institutional Investors (NIIs): 109% subscription of the allotted 3.88 crore shares. Qualified Institutional Buyers (QIBs): 24% subscription against 5.17 crore shares.
Price Band and Issue Details
JSW Cement has set the price band for its Rs 3,600 crore IPO at Rs 139–Rs 147 per share (face value Rs 10). The issue opens for public subscription on Thursday, August 7, and closes on Monday, August 11. The anchor book will open a day earlier on Wednesday, August 6.
Retail investors can bid for a minimum of 102 shares and in multiples thereafter.
IPO Structure
The Rs 3,600 crore IPO of JSW Cement comprises a fresh issue of Rs 1,600 crore and an offer for sale (OFS) worth Rs 2,000 crore. In the OFS segment, Apollo Management, through its affiliate AP Asia Opportunistic Holdings, will divest shares worth Rs 931.8 crore, while Synergy Metals Investments Holding Ltd will offload shares valued at Rs 938.5 crore. The State Bank of India (SBI) will sell shares amounting to Rs 129.7 crore. The issue has been structured with 50% of the quota reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 35% for retail investors.
Use of Proceeds
Proceeds from the fresh issue will be utilised for strategic growth and balance sheet improvement. Around Rs 800 crore will be allocated to partially fund the development of a new integrated cement plant in Nagaur, Rajasthan, while Rs 520 crore will go towards repayment or prepayment of existing borrowings. The balance will be earmarked for general corporate purposes.
The fresh issue size has been revised down from Rs 2,000 crore to Rs 1,600 crore, indicating lower capital requirements.
Financial Performance
JSW Cement reported revenues of Rs 6,028 crore in FY24, up from Rs 5,837 crore in FY23, reflecting steady top-line growth. However, net profit declined to Rs 62 crore in FY24 from Rs 104 crore in the previous fiscal, indicating pressure on margins.
Despite the dip in profitability, the company remains focused on its long-term growth strategy, with continued investments in capacity expansion and operational efficiency improvements aimed at strengthening future performance.
Should You Subscribe – JSW Cement IPO?
Canara Bank Securities – Subscribe (Long-Term):
Highlights JSW Cement’s position as India’s fastest-growing and the world’s “greenest” cement producer. Despite higher-than-peer valuations (32x EV/EBITDA vs 23x industry average), it recommends subscribing for long-term growth, sustainability focus, and JSW Group synergies.
AUM Capital Research – Subscribe:
Cites JSW Cement’s market leadership in Ground Granulated Blast Furnace Slag (GGBS) production, brand strength, and operational synergies as key advantages.
SBI Securities – Subscribe:
Notes strong expansion plans, aiming to more than double capacity to 60 MMTPA by mid-next decade. Current EBITDA per tonne impacted by one-off losses, but profitability is expected to improve with cost optimization and capacity additions, including Shiva Cement’s new grinding unit in FY26.
About the Company
JSW Cement, part of the JSW Group, operates seven plants across India, including one integrated unit, one clinker unit, and five grinding units, with a total installed grinding capacity of 20.60 MMTPA as of March 31, 2025. It has a strong focus on sustainable, eco-friendly cement production.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)