JSW Cement IPO

JSW Cement Limited, established in 2006, is a part of the JSW Group and a leading green cement manufacturer in India. Focused on sustainability and innovation, it operates seven strategically located plants, including integrated, clinker, and grinding units across Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, West Bengal, and Odisha. As of March 31, 2025, the company had an installed grinding capacity of 20.60 MMTPA. Its diverse portfolio includes blended and ordinary cement, GGBS, clinker, RMC, screened slag, and construction chemicals, supported by a vast distribution network of 4,653 dealers and 158 warehouses.

JSW Cement Limited IPO Overview

The JSW Cement IPO is a book-built issue amounting to ₹3,600.00 crores, comprising a fresh issue of 10.88 crore equity shares aggregating to ₹1,600.00 crores and an offer for sale of 13.61 crore shares worth ₹2,000.00 crores. The subscription window for the IPO opens on August 7, 2025, and closes on August 11, 2025. The basis of allotment is expected to be finalised by Tuesday, August 12, 2025, with the shares likely to be listed on both the BSE and NSE on Thursday, August 14, 2025. The price band for the IPO is fixed between ₹139 and ₹147 per share. Investors can apply for a minimum lot of 102 shares, requiring an investment of ₹14,178 for retail individuals. For small non-institutional investors (sNII), the minimum application is 14 lots (1,428 shares) amounting to ₹2,09,916, while for big non-institutional investors (bNII), it is 67 lots (6,834 shares), which totals ₹10,04,598. JM Financial Limited is acting as the book-running lead manager, and Kfin Technologies Limited is serving as the registrar for the issue.

JSW Cement Limited IPO Details

Particulars	Details
IPO Date	7 August 2025 to 11 August 2025
Listing Date	14 August 2025
Face Value	₹10 per share
Issue Price Band	₹139 to ₹147 per share
Lot Size	102 Shares
Total Issue Size	24,48,97,958 shares (₹3,600.00 Cr)
Fresh Issue	10,88,43,537 shares (₹1,600.00 Cr)
Offer for Sale	13,60,54,421 shares (₹2,000.00 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE, NSE
Share Holding Pre Issue	1,25,45,21,399 shares
Share Holding Post Issue	1,36,33,64,936 shares
Market Maker Portion	Not Applicable

JSW Cement Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

JSW Cement Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	102	₹14,994
Retail (Max)	13	1,326	₹1,94,922
HNI (Min) (S-NII)	14	1,428	₹2,09,916
HNI (Max) (S-NII)	66	6,732	₹9,89,604
HNI (Min) (B-NII)	67	6,834	₹10,04,598

JSW Cement Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	78.62%
Post-Issue	[To be updated]

JSW Cement Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	-1.31 (Pre IPO), -1.20 (Post IPO)
Price/Earnings (P/E)	-112.61 (Pre), -122.38 (Post)
Return on Net Worth (RoNW)	-4.85%
Net Asset Value (NAV)	₹23.85
Return on Equity (ROE)	-6.90%
Return on Capital Employed (ROCE)	7.05%
EBITDA Margin	13.78%
PAT Margin	-2.77%
Debt to Equity Ratio	0.98

Objectives of the Proceeds

• Establish new integrated cement unit in Nagaur, Rajasthan – ₹800 Cr

• Repayment or prepayment of certain borrowings – ₹520 Cr

• General corporate purposes – Unspecified amount

Key Financials (in ₹ crores)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	12,003.94	11,318.91	10,218.61
Revenue	5,914.67	6,114.60	5,982.21
Profit After Tax	-163.77	62.01	104.04
Reserves and Surplus	1,287.31	1,399.06	1,296.66
Total Borrowings	6,166.55	5,835.76	5,421.54