JSW Cement IPO
Bookbuilding IPO | ₹3,600.00 Cr | Listing at BSE, NSE
IPO Open
Thu, Aug 07, 2025
IPO Close
Mon, Aug 11, 2025
Price Band
₹139.00 to ₹147.00
Market Cap (Pre-IPO)
₹20,041.46 Cr
IPO Details
| IPO Date | Aug 07, 2025 to Aug 11, 2025 |
| Listing Date | Tentative: Aug 14, 2025 |
| Face Value | ₹10.00 per share |
| Price Band | ₹139.00 to ₹147.00 |
| Lot Size | 102 Shares (Minimum: ₹14,994.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹3,600.00 Crores |
| Total Shares Offered | 244,897,958 shares |
| Fresh Issue | 108,843,537 shares |
| Offer For Sale | 136,054,421 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 16.71x |
| NII | 11.60x |
| RII | 1.91x |
| Total | 8.22x |
JSW Cement IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 12,24,48,978 (50.00%) |
| Retail Shares Offered | 8,57,14,286 (35.00%) |
| NII Shares Offered | 3,67,34,694 (15.00%) |
JSW Cement IPO Lot Size
Investors can bid for a minimum of 102 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 102 | ₹14,994 |
| Retail (Max) | 13 | 1,326 | ₹194,922 |
| S-HNI (Min) | 14 | 1,428 | ₹209,916 |
| S-HNI (Max) | 66 | 6,732 | ₹989,604 |
| B-HNI (Min) | 67 | 6,834 | ₹1,004,598 |
JSW Cement Financial Information (Restated Consolidated)
JSW Cement Ltd.'s revenue decreased by 3% and profit after tax (PAT) dropped by 364% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 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 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | -6.90% |
| ROCE (Return on Capital Employed) | 7.05% |
| Debt/Equity | 0.98 |
| RoNW (Return on Net Worth) | -4.85% |
| PAT Margin (Profit After Tax Margin) | -2.77% |
| EBITDA Margin | 13.78% |
| Price to Book Value | 6.16 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -1.31 | 0.00 |
| P/E (x) | -112.61 | 0.00 |
| Promoter Holding | 78.61% | 72.33% |
Company Promoters
- Sajjan Jindal
- Parth Jindal
- Sangita Jindal
- Adarsh Advisory Services Private Limited and Sajjan Jindal Family Trust are the company promoters.
Company Overview
Incorporated in 2006, JSW Cement Limited is a manufacturer of green cement in India. As part of the JSW Group, the company is committed to sustainability and innovation in the cement industry.
The company operated seven plants across the country, including one integrated unit, one clinker unit, and five grinding units located in Andhra Pradesh (Nandyal plant), Karnataka (Vijayanagar plant), Tamil Nadu (Salem plant), Maharashtra (Dolvi plant), West Bengal (Salboni plant), and Odisha (Jajpur plant and the majority-owned Shiva Cement Limited clinker unit).
As of March 31, 2025, JSW Cement Limited had an installed grinding capacity of 20.60 MMTPA, comprising 11.00 MMTPA in the southern region, 4.50 MMTPA in the western region, and 5.10 MMTPA in the eastern region of India.
Product Portfolio:
- Cement: Blended Cement and Ordinary Portland Cement
- Ground Granulated Blast Furnace Slag: GGBS is commonly used in blended cement products such as PSC and PCC and as a replacement material for OPC in concrete production.
- Clinker: Clinker is manufactured by burning limestone and clay together at a high temperature
- Allied Cementitious Products: RMC, Screened Slag, Construction Chemicals
JSW Cement Limited distributes its products through a well-connected network. As of March 31, 2025, the company had a distribution network comprising 4,653 dealers, 8,844 sub-dealers, and 158 warehouses.
Company Strengths
- The company is the fastest growing cement manufacturing company in India in terms of increase in installed grinding capacity and sales volume.
- The company is India’s largest manufacturer of GGBS and has a proven track record of scaling up this business.
- Strategically located plants well-connected to raw material sources and key consumption markets.
- The company has lowest carbon dioxide emission intensity among our peer cement manufacturing companies and the top global cement manufacturing companies.
- Extensive sales and distribution network in India and focus on strong brand.
- The company benefits from its strong corporate lineage of the JSW Group and its qualified management team.
Use of Proceeds
| 1) | Part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan | 800.00 |
| 2) | Prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company | 520.00 |
| 3) | General Corporate Purposes | 226.80 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
JSW Cement IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| JSW Cement Limited | -1.16 | -1.16 | 23.85 | 0.00 | -4.85 | 0.00 | Consolidated |
| Ultratech Cement Limited | 205.30 | 205.13 | 2,403.71 | 59.56 | 8.54 | 5.08 | Consolidated |
| Ambuja Cements Limited | 17.00 | 16.96 | 218.00 | 35.97 | 7.80 | 2.80 | Consolidated |
| Shree Cement Limited | 311.18 | 311.18 | 5,969.32 | 97.77 | 5.21 | 5.10 | Consolidated |
| Dalmia Bharat Limited | 36.42 | 36.42 | 926.34 | 60.39 | 3.93 | 2.37 | Consolidated |
| Jk Cement Limited | 111.44 | 111.44 | 788.03 | 58.39 | 14.14 | 8.26 | Consolidated |
| The Ramco Cements Limited | 11.53 | 11.53 | 314.82 | 103.50 | 3.66 | 3.80 | Consolidated |
| The India Cements Limited | 153.23 | 153.23 | 328.95 | 2.38 | 1.41 | 1.11 | Consolidated |
Quick Info
| Sector | Cement and Construction Materials |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹20,041.46 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Aug 07, 2025 |
| IPO Close | Aug 11, 2025 |
| Allotment Date | Aug 12, 2025 |
| Credit to Demat | Aug 13, 2025 |
| Listing Date | Tentative: Aug 14, 2025 |
Lead Manager(s)
JM Financial Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- JSW Cement IPO is a book build issue of ₹3,600.00 crores. The issue is a combination of fresh issue of 10.88 crore shares aggregating to ₹1,600.00 crores and offer for sale of 13.61 crore shares aggregating to ₹2,000.00 crores.
- JSW Cement IPO bidding started from Aug 7, 2025 and ended on Aug 11, 2025. The allotment for JSW Cement IPO was finalized on Aug 12, 2025. The shares got listed on BSE, NSE on Aug 14, 2025.
- JSW Cement IPO price band is set at ₹147.00 per share . The lot size for an application is 102. The minimum amount of investment required by an retail is ₹14,178 (102 shares). The lot size investment for sNII is 14 lots (1,428 shares), amounting to ₹2,09,916, and for bNII, it is 67 lots (6,834 shares), amounting to ₹10,04,598.