JSW Cement IPO GMP: JSW Cement, the cement arm of Sajjan Jindal-led JSW Group, on Thursday launched its Rs 3,600-crore initial public offering (IPO). The IPO will be closed on Monday, August 11. The price
of the IPO has been fixed in the range of Rs 139-147 per share. Till 10:39 am on the first day of bidding on Thursday, the issue received a 4% (or 0.04x) subscription, garnering bids for 72,87,288 shares as against the 17,14,28,574 shares on offer.
The retail and NII participation stood at 0.07x and 0.03x, respectively.
The IPO‘s grey market premium currently stands at 4.08%, indicating a weak market debut.
JSW Cement IPO Size
The offering comprises a fresh issue of equity shares worth Rs 1,600 crore and an Offer for Sale (OFS) component of up to Rs 2,000 crore by existing shareholders. Under the OFS, Apollo Management, through its affiliate AP Asia Opportunistic Holdings Pte Ltd, will offload shares worth Rs 931.8 crore. Synergy Metals Investments Holding Ltd, a fund promoted by former ArcelorMittal executive Sudhir Maheshwari, will divest shares worth Rs 938.5 crore, while the State Bank of India will sell shares valued at Rs 129.7 crore.
This IPO size is lower than the earlier proposed Rs 4,000 crore.
JSW Cement IPO Price And Lot Size
The price band of the IPO has been fixed in the range of Rs 139-147 per share.
For investors, the minimum lot size for the IPO is 102. It means investors will have to apply for a minimum of 102 shares or in multiple thereof. So, retail investors require a minimum capital of Rs 14,994 at the upper price band to apply for the IPO.
JSW Cement IPO Key Dates
The IPO will remain open for public subscription between August 7, 2025, and August 11, 2025. The share allotment will likely be finalised on August 12, and the company is expected to be listed on both BSE and NSE on August 14.
JSW Cement IPO GMP Today
According to market observers, unlisted shares of JSW Cement Ltd are currently trading at Rs 153 against the upper IPO price of Rs 147. It means a grey market premium or GMP of Rs 6, which is 4.08% over its issue price, indicating weak listing for the issue.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
JSW Cement IPO: Should You Apply?
Though GMP is subdued, brokerage views on the JSW Cement IPO are largely positive, with most analysts recommending a ‘subscribe’ rating despite some caution around valuation and profitability. Here’s what leading brokerages are saying:
Reliance Securities: Subscribe
Reliance Securities highlights JSW Cement’s leadership in scale, cost efficiency, and sustainability. With rising infrastructure and housing demand, and a growing shift towards low-carbon materials, the company is well-positioned for long-term growth.
“The offering provides investors an opportunity to participate in a differentiated, future-ready cement player… Consolidation in the sector will benefit scale players like JSW Cement,” it said, recommending a ‘subscribe’.
Ventura Securities: Subscribe
Ventura believes the company’s expansion in Rajasthan, Punjab, and Madhya Pradesh will help diversify its reach and improve economies of scale. While the company reported a loss in FY25, this was attributed to one-off adjustments and strategic investments.
“With ramped-up capacity and improved margins, JSW Cement is expected to return to profitability in FY26,” it said, giving a ‘subscribe’ rating.
Lakshmishree Securities: Subscribe
Lakshmishree appreciates JSW Cement’s stronghold in eco-friendly products and strategic access to raw materials through its JSW Group companies. Though it flags concerns around declining ROE and profitability, it sees long-term potential.
“Despite near-term challenges, its strong brand, sustainability focus, and balance sheet strengthening plans make it an attractive long-term play,” it said, assigning a ‘subscribe’.
Canara Bank Securities: Subscribe
Canara Bank Securities acknowledges the stretched valuation (32x EV/Ebitda, 6x P/B), but sees value in the company’s positioning as India’s fastest-growing and the world’s greenest cement producer.
“Strong group synergies and growth momentum justify a subscribe call,” it said.
SMIFS: Subscribe
SMIFS expects pressure on near-term profitability but believes the company’s capacity scale-up, operational efficiency, and product mix shift will drive future earnings growth.
“We recommend subscribing, as margin recovery and earnings improvement are likely in the upcoming cycle,” it said.
Swastika Investmart: Subscribe (For High-Risk Investors)
Swastika highlights JSW Cement’s ambitious expansion and market standing, but points to inconsistent profits and aggressive valuations.
“Short-term gains may be volatile due to losses and high valuations. High-risk investors can consider for long-term potential,” it advised.
AUM Capital: Subscribe
AUM Capital appreciates JSW Cement’s strong growth in installed capacity and sales, and its edge as the largest GGBS producer. It also cites the JSW Group branding as a key strength offering financial and operational flexibility.
Arihant Capital Markets: Neutral
Arihant Capital stands out as the only cautious voice. While recognising JSW Cement’s integrated operations, cost efficiencies, and strong ESG credentials, it flags concerns over steep valuations, citing an EV/Ebitda of 31x on FY25 estimates — above industry norms.
“We remain neutral due to the IPO’s aggressive pricing,” it said.
JSW Cement IPO: More Info
JSW Cement, part of the diversified JSW Group, on Wednesday mobilised Rs 1,080 crore from anchor investors, a day before its initial share-sale opening for public subscription.
The IPO, which includes a fresh issue of Rs 1,600 crore of shares and Rs 2,000 crore of shares to be sold by current shareholders through Offer for Sale, will be open between August 7-11.
As part of the OFS, private equity giant Apollo Management, through its affiliate AP Asia Opportunistic Holdings Pte Ltd, as well as Synergy Metals Investments Holding Ltd and State Bank of India (SBI) will offload shares.
Synergy Metals Investments Holding is an arm of Synergy Metals and Mining Fund, a private equity fund set up by a former executive of steelmaker ArcelorMittal Sudhir Maheshwari in 2015.
According to the draft papers, the company will utilise proceeds worth Rs 800 crore to part-finance a new integrated cement unit at Nagaur, Rajasthan, and Rs 520 crore for payment of debt and the remaining funds for general corporate purposes.
As of March 31, 2025, JSW Cement’s total borrowings stood at Rs 6,166.6 crore.
On the financial front, the company’s revenue from operations for FY25 stood at Rs 5,813.1 crore against Rs 6,028.10 crore in FY24, and Rs 5,836.72 crore in FY23. The company reported a loss of Rs 163.77 crore in FY25. Its profit was Rs 62 crore in FY24 and Rs 104 crore in FY23.
As of March 31, 2025, JSW Cement had an installed grinding capacity of 20.60 million metric tonnes per annum (MMTPA).
