The Rs 3,600 crore public issue, which ran from August 7 to 11, was subscribed 7.77 times in total. Qualified institutional buyers led the rally with bids 15.80 times their quota, while non-institutional investors subscribed 10.97 times and retail investors 1.81 times. Allotments were finalised on August 12.
Valuation and broker calls
“JSW Cement’s Rs 3,600-crore IPO wrapped up its third and final day of bidding with full subscription, reflecting strong investor interest despite a softening in grey market premiums to around 3–4% ahead of listing,” said Gaurav Garg of Lemonn Markets Desk.
“We advise subscribing only with a long-term view, citing rich valuations and near-term earnings pressure, but highlighting the company’s strong growth potential in India’s infrastructure expansion,” said Garg.
Brokerages have largely recommended subscribing with a long-term horizon. Canara Bank Securities described JSW Cement as India’s fastest-growing and the world’s “greenest” cement producer. While noting its higher-than-peer valuations—32x EV/EBITDA versus a 23x industry average—it backed the IPO for long-term growth prospects, sustainability focus, and JSW Group synergies.
AUM Capital Research pointed to JSW Cement’s leadership in Ground Granulated Blast Furnace Slag (GGBS) production, strong brand positioning, and operational synergies.
SBI Securities highlighted capacity expansion plans to more than double output to 60 MMTPA by mid-next decade, noting that one-off losses have weighed on current EBITDA per tonne but profitability is expected to improve through cost optimisation and upcoming capacity additions, including Shiva Cement’s new grinding unit in FY26.
Use of proceeds
Proceeds from the Rs 1,600-crore fresh issue will fund a new integrated cement unit in Nagaur, Rajasthan, repay borrowings, and meet general corporate expenses. The remaining Rs 2,000 crore raised via an offer for sale will go to existing shareholders.
Company profile
Part of the JSW Group, JSW Cement has built a dominant 84% share in India’s GGBS market. In FY25, it sold 7.09 million tonnes of cement and 5.2 million tonnes of GGBS, operating at 63% grinding capacity and 84% clinker capacity.
Also read | JSW Cement IPO gets subscribed nearly 8 times at close; GMP at 1%
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