JSW Cement IPO
JSW Cement IPO — date, price band, lot size & details 2025
JSW Cement listed on 14 Aug 2025 at ₹153.5, 4.4% above the ₹147 issue price.
JSW Cement is part of the JSW Group and makes green cement in India. It had installed grinding capacity of 20.60 MMTPA on 31 March 2025.
Stock price
JSW Cement is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 07 Aug 2025
- Close 11 Aug 2025
- Allotment 12 Aug 2025
- Refund/credit 13 Aug 2025
- Listing 14 Aug 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 7 to 11 Aug, 2025 |
|---|---|
| Price Band | ₹139 – ₹147 |
| Face Value | ₹10 |
| Lot Size | 102 Shares |
| Issue Size | ₹3600 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,994 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 102 shares at the ₹147 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Installed grinding capacity was 20.60 MMTPA on 31 March 2025.
- 02Rs 800.00 crore of the fresh issue was for a new integrated cement unit.
- 03Rs 520.00 crore of the fresh issue was for repaying debt.
- 04Plants are spread across 6 states in the south, west and east of India.
- 05The EBITDA margin was 13.78% and return on capital employed was 7.05%.
Risks · 7
- 01The company made a loss of Rs 163.77 crore in FY2025, after profits of Rs 62.01 crore in FY2024 and Rs 104.04 crore in FY2023.
- 02The source shows the post-issue P/E as negative, so earnings cannot support the price of Rs 147.
- 03Total borrowing of Rs 6,166.55 crore on 31 March 2025 was more than twice net worth of Rs 2,352.55 crore.
- 04Total income fell from Rs 6,114.60 crore in FY2024 to Rs 5,914.67 crore in FY2025.
- 05EBITDA fell from Rs 1,035.66 crore in FY2024 to Rs 815.32 crore in FY2025.
- 06Rs 2,000.00 crore of the Rs 3,600 crore issue was offer for sale and did not reach the company.
- 07Promoters held 78.61% before the issue and held 72.33% after it.
Three years of numbers
All figures in ₹ crore, as reported in the JSW Cement offer document.
| Metric | 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 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the JSW Cement RHP.
Where the money goes
₹1,666.34 Cr of the issue is earmarked to named objects.
JSW Cement IPO Anchor Investors
52 anchor investors across 37 fund houses committed ₹1,079.99 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
The company operated seven plants, including one integrated unit, one clinker unit and five grinding units. These are in Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, West Bengal and Odisha.
Installed grinding capacity on 31 March 2025 was 20.60 MMTPA. Of this, 11.00 MMTPA was in the south, 4.50 MMTPA in the west and 5.10 MMTPA in the east.
The IPO was Rs 3,600 crore, with Rs 1,600.00 crore of fresh issue and Rs 2,000.00 crore of offer for sale. Rs 800.00 crore was planned for a new integrated cement unit and Rs 520.00 crore for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
JSW Cement IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
53 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
SBI Capital Markets Ltd.
23 issues handledBest listing: Indo-MIM (+44.3%). Weakest: Ajax Engineering (-8.4%).
Axis Capital
40 issues handledBest listing: Moneyview (+61.8%). Weakest: Clean Max Enviro Energy Solutions (-8.8%).
Kotak Mahindra Capital Company Limited
30 issues handledBest listing: Moneyview (+61.8%). Weakest: Amagi Media Labs (-12.2%).
Jefferies India Private Limited
16 issues handledBest listing: Dhoot Transmission (+37.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Dam Capital Advisors Ltd
16 issues handledBest listing: ESDS Software Solution (+76.5%). Weakest: Prasol Chemicals (-9.8%).
Goldman Sachs (India) Securities Private Limited
8 issues handledBest listing: Urban Company (+57.5%). Weakest: Varmora Granito (+4.7%).
Citigroup Global Markets India Pvt. Ltd
4 issues handledBest listing: Anthem Biosciences (+26.9%). Weakest: Ajax Engineering (-8.4%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of JSW Cement?
The current Grey Market Premium is ₹4, or 3% over the issue price.
What is the JSW Cement IPO price band?
₹139 to ₹147, on a face value of ₹10.
When is the allotment?
The basis of allotment is 12 August 2025, with listing on 14 August 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
