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JSW Cement shares list at 4% premium on NSE; should you buy, sell or hold?
On the BSE, the stock opened at ₹153, up 4 per cent from the issue price. Post-listing, the stock was trading at ₹151, down 1.2 per cent from the listing price.
The listing price of JSW Cement was in-line with the grey market estimates. Ahead of the listing, unlisted shares of JSW Cement were trading at ₹151.8, up 3.27 per cent from the issue price of ₹147, according to sources tracking unofficial markets. ALSO READ |
JSW Cement: Should you buy, sell or hold?
Sunny Agrawal, head of fundamental equity research at SBICAPS Securities, believes that JSW Cement is more of a long-term story rather than a short-term appreciation opportunity. "The company aspires to become the second-largest cement player in India in terms of capacity. They already have the basic infrastructure in place, including land and mining rights, to expand capacity from the current 20–21 million tonnes to 40 million tonnes. This expansion will come through relatively low-cost capex over the next few years,' he said.
Agrawal further advised that those with a long-term investment horizon may consider staying invested or deploying fresh capital into JSW Cement. However, it's important to have patience, as value creation will likely take time.
Echoing similar views, Shivani Nyati, head of wealth at Swastika Investmart, said the company's revenue growth and profit after tax have been inconsistent over the past three years. Being in a growth phase, the company's high valuation and current losses could lead to short-term volatility in returns.
Nyati advised investors who entered the public offering for listing gains to maintain a stop loss at ₹138 and wait for a potential upside, while those with a medium- to long-term perspective may consider holding the stock for future growth.
JSW Cement IPO details
JSW Cement IPO received a decent response from investors, with the issue being oversubscribed by 7.77 times. The portion reserved for Qualified institutional buyers (QIBs) was subscribed 15.8 times, the Non-institutional investors (NIIs) portion was subscribed 10.97 times, and the retail investors at 1.81 times.
The ₹3,600-crore mainline IPO comprises a fresh issue of 108.8 million equity shares and an offer for sale (OFS) of 136.1 million shares. The company set the IPO price band in the range of ₹139 to ₹147. The public issue opened for subscription on Thursday, August 7, 2025, and closed on Monday, August 11, 2025.
Kfin Technologies is the registrar of the issue. Axis Capital, JM Financial, Citigroup Global, DAM Capital, Goldman Sachs (India), Jefferies India, Kotak Mahindra Capital, and SBI Capital Markets are the book-running lead managers.
According to the red herring prospectus (RHP), the company plans to use the net fresh issue proceeds for setting up a new integrated cement plant in Nagaur (Rajasthan), repayment of debt and general corporate purposes.
About JSW Cement
Incorporated in 2006, JSW Cement is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, including portland slag cement (PSC), portland composite cement (PCC) and ground granulated blast furnace slag (GGBS). It also manufactures ordinary Portland cement (OPC), clinker and a range of allied cementitious products such as ready-mix concrete (RMC), screened slag, construction chemicals and waterproofing compounds. The company operates seven manufacturing plants across the country.
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