JSW Cement shares list with modest gains, debuts at ₹153.50 on NSE, up 4.4% from IPO price
The ₹ 3,600 crore IPO witnessed robust investor interest during its subscription window from August 7 to August 11, garnering an overall subscription of 8.22 times. The strong demand was reflected in total bids for 140.88 crore shares, significantly exceeding the 17.14 crore shares on offer.
Among the investor categories, the Qualified Institutional Buyer (QIB) segment saw the most aggressive participation with a subscription of 16.71 times. Non-institutional investors (NIIs) subscribed their quota 11.60 times, while the retail portion was subscribed 1.91 times.
JSW Cement's initial public offering (IPO) comprised a fresh issue of 10.88 crore equity shares worth ₹ 1,600 crore and an offer for sale (OFS) of 13.61 crore shares aggregating to ₹ 2,000 crore. The total issue size stood at ₹ 3,600 crore.
For retail individual investors, the lot size was fixed at 102 shares, requiring a minimum investment of ₹ 14,178.
The company outlined three primary objectives for the utilisation of the IPO proceeds. A sum of ₹ 800 crore would be allocated towards partially financing the establishment of a new integrated cement unit in Nagaur, Rajasthan. Another ₹ 520 crore would be directed towards prepayment or repayment, either in full or in part, of certain outstanding borrowings. The remaining ₹ 226.80 crore would be utilised for general corporate purposes, aimed at strengthening operational and strategic initiatives.
Ahead of the public issue, JSW Cement mobilised ₹ 1,080 crore from anchor investors, with the anchor bidding date fixed for August 6, 2025. JM Financial Ltd acted as the book-running lead manager, while Kfin Technologies Ltd was appointed as the registrar of the issue.
JSW Cement Limited, established in 2006, is a prominent manufacturer of eco-friendly cement in India and operates as part of the diversified JSW Group.
Its operations span across the country through a network of seven manufacturing facilities, comprising one integrated plant, one clinker unit, and five grinding units. These plants are strategically located to ensure efficient supply chain management and regional coverage. The facilities include the Nandyal plant in Andhra Pradesh, the Vijayanagar plant in Karnataka, the Salem plant in Tamil Nadu, the Dolvi plant in Maharashtra, the Salboni plant in West Bengal, and the Jajpur plant in Odisha. Additionally, the company holds a majority stake in Shiva Cement Limited, which operates a clinker manufacturing unit.
As of March 31, 2025, JSW Cement had a total installed grinding capacity of 20.60 million tonnes per annum (MMTPA). This capacity is strategically distributed across key markets, with 11.00 MMTPA serving the southern region, 4.50 MMTPA in the western region, and 5.10 MMTPA in the eastern region.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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