JSW Cement IPO Receives 0.46 Times Subscription Applications by End of Day 2

Mumbai, August 8, 2025 – The ₹36,000 crore initial public offering (IPO) of JSW Cement Limited picked up marginal momentum on its second day, with overall bids rising to 7.83 crore shares, translating to 0.46 times subscription as of 12:44 PM. The offer had closed Day 1 at 0.29x.

JSW Cement IPO Highlights

JSW Cement has launched its highly anticipated ₹3,600 crore initial public offering (IPO) on August 7, 2025. As mentioned, the public issue opened for subscription on Thursday, August 7, and will remain open until Monday, August 11. It is giving investors a three-day window to submit their bids. The anchor book opened a day earlier, on Wednesday, August 6.

JSW Cement IPO price band has been fixed between ₹139 and ₹147 per equity share. Each share carries a face value of ₹10. Retail investors can apply for the issue by bidding for a minimum of 102 shares, and in multiples of that thereafter. The total offering consists of two parts: a fresh issue of ₹1,600 crore and an offer for sale (OFS) worth ₹2,000 crore.

The IPO has been structured to allocate

• 50% of the shares to Qualified Institutional Buyers (QIBs),
• 15% to Non-Institutional Investors (NIIs), and
• 35% to Retail Individual Investors (RIIs), in line with SEBI regulations

Day 2 Subscription Status (As of 12:44 PM, August 8, 2025)

• The IPO has received bids for 7.82 crore shares against the total issue size of 17.14 crore shares, translating to an overall subscription of 46% so far.
• Retail investors have shown the strongest interest, subscribing to 61% of their allocated quota, with over 5.23 crore bids received against 8.57 crore shares on offer.
• Non-Institutional Investors (NIIs) have bid for 1.41 crore shares, subscribing to 38% of their portion of 3.67 crore shares.
• Qualified Institutional Buyers (QIBs) are lagging behind, placing bids for just 1.17 crore shares, amounting to a subscription of 24% out of their total allocation of 4.89 crore shares.

Use of Proceeds

Proceeds from the fresh issue of ₹1,600 crore will be used primarily to:

• Part-finance the integrated cement unit in Nagaur, Rajasthan.
• Prepay or repay certain outstanding borrowings.
• Fund general corporate expenses.

Listing and Book Running Lead Managers

The equity shares will be listed on BSE and NSE, with NSE designated as the lead stock exchange. The offer is managed by a consortium of eight BRLMs, including JM Financial, Axis Capital, Kotak Mahindra Capital, Citigroup, Jefferies, DAM Capital, SBI Capital Markets, and Goldman Sachs.

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