JSW Cement IPO 2025: GMP, Date, Price, Review, Allotment Details
The JSW Cement IPO, a mainboard IPO from Mumbai-based JSW Cement Limited, aims to raise ₹4,000 crores through a fresh issue of ₹2,000 crores and an offer for sale (OFS) of ₹2,000 crores. Tentatively opening on August 11, 2025, with an expected price band of ₹100 to ₹200 per share, this IPO offers investors a chance to invest in India’s fastest-growing cement manufacturer, known for its eco-friendly products. This article provides a comprehensive overview of the JSW Cement IPO, including grey market premium (GMP), subscription status, allotment details, financial performance, and expert review to guide investors.
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JSW Cement IPO Details
The JSW Cement IPO is a book-built issue comprising a fresh issue of equity shares worth ₹2,000 crores and an OFS of ₹2,000 crores by investors, including AP Asia Opportunistic Holdings Pte. Ltd., Synergy Metals Investments Holding Ltd., and State Bank of India, with each share having a face value of ₹10. Below are the key details based on the Draft Red Herring Prospectus (DRHP) and recent updates:
| Particulars | Details |
|---|---|
| IPO Opening Date | August 11, 2025 (Tentative) |
| IPO Closing Date | August 13, 2025 (Tentative) |
| Allotment Date | August 14, 2025 (Tentative) |
| Listing Date | August 18, 2025 (Tentative) |
| Face Value | ₹10 per share |
| Price Band | ₹100 to ₹200 per share (Expected) |
| Lot Size | To be announced |
| Issue Size | ₹4,000 crores |
| Fresh Issue | ₹2,000 crores |
| Offer for Sale | ₹2,000 crores |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Book Running Lead Managers | JM Financial, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs (India) Securities, Jefferies India, Kotak Mahindra Capital, SBI Capital Markets |
| Registrar | KFin Technologies Limited |
The IPO allocates 50% to Qualified Institutional Buyers (QIBs), 15% to High Net-Worth Individuals (HNIs), and 35% to Retail Individual Investors (RIIs). The minimum investment for retail investors will be confirmed once the lot size is announced. The company may consider a pre-IPO placement of up to ₹400 crores, which would reduce the fresh issue size accordingly.
JSW Cement IPO Subscription Status
The subscription status for the JSW Cement IPO will be updated daily during the subscription period from August 11 to August 13, 2025. Investors can track live subscription data on the BSE, NSE, or the registrar’s portal (KFin Technologies).
| Category | Subscription (Times) |
|---|---|
| QIB | To be updated |
| NII (HNI) | To be updated |
| Retail | To be updated |
| Total | To be updated |
Note: Subscription data will be available during the IPO subscription period (August 11–13, 2025).
JSW Cement IPO Allotment Status
The allotment for the JSW Cement IPO is expected to be finalized on August 14, 2025. Investors can check their allotment status on the registrar’s website (KFin Technologies) or the BSE/NSE websites using their application number, PAN, or DP Client ID. Shares will be credited to demat accounts by August 15, 2025, and refunds will be processed for non-allotted applications.
Steps to Check Allotment Status:
- Visit the KFin Technologies website (https://kosmic.kfintech.com/ipostatus/).
- Select “JSW Cement IPO” from the dropdown menu.
- Enter your Application Number, PAN, or DP Client ID.
- Click “Search” to view your allotment status.
Note: Allotment status will be available after finalization on August 14, 2025.
JSW Cement IPO Grey Market Premium (GMP) Today
The Grey Market Premium (GMP) reflects the premium at which IPO shares trade in the unofficial market before listing. As of July 21, 2025, the GMP for the JSW Cement IPO is not available, as grey market activity has not yet started. Some sources previously reported a GMP of ₹27 with a price band of ₹325–₹327, but these details conflict with recent X posts suggesting a ₹100–₹200 price band and August 2025 dates. Investors should monitor updates closer to the IPO opening on August 11, 2025, for GMP trends.
| Date | GMP (₹) | Estimated Listing Price (₹) |
|---|---|---|
| July 21, 2025 | Not Available | Not Available |
| July 20, 2025 | Not Available | Not Available |
| July 19, 2025 | Not Available | Not Available |
| July 18, 2025 | Not Available | Not Available |
Disclaimer: GMP is unofficial and volatile. Base investment decisions on company fundamentals, not just GMP.
JSW Cement IPO Kostak Rates Today
The Kostak rate is the premium an investor earns by selling their IPO application in the grey market before allotment. As of July 21, 2025, the Kostak rate for the JSW Cement IPO is not available, as grey market activity is yet to commence. Check with grey market dealers for updates closer to the IPO opening.
| Date | Kostak Rate (₹) |
|---|---|
| July 21, 2025 | Not Available |
JSW Cement IPO Subject to Sauda Rates
The Subject to Sauda rate is the amount agreed for an IPO application, payable only if allotted. As of July 21, 2025, the Subject to Sauda rate for the JSW Cement IPO is not available, as grey market trading has not started.
| Date | Subject to Sauda (₹) |
|---|---|
| July 21, 2025 | Not Available |
Note: Kostak and Subject to Sauda rates are unofficial and may fluctuate as grey market activity begins.
About JSW Cement Limited
Incorporated in 2006, JSW Cement Limited, a part of the JSW Group, is India’s fastest-growing cement manufacturer, with a compound annual growth rate (CAGR) of 14.14% in installed grinding capacity and 19.06% in sales volume from FY14 to FY24, outpacing industry averages of 7.31% and 7.56%. As of March 31, 2024, the company has an installed grinding capacity of 20.60 million metric tonnes per annum (MMTPA) across seven plants in Karnataka, Andhra Pradesh, West Bengal, Odisha, Maharashtra, and one in the UAE, with plans to expand to 40.85 MMTPA. It is the largest producer of ground granulated blast furnace slag (GGBS), holding an 82.70% market share in FY24. Its product portfolio includes Portland Slag Cement (PSC), Ordinary Portland Cement (OPC), Portland Composite Cement (PCC), GGBS, clinker, ready-mix concrete (RMC), and construction chemicals. Strategically located near limestone mines and JSW Steel plants, the company ensures cost-effective operations and leads in sustainability with a low clinker-to-cement ratio and reduced CO₂ emissions. The promoters are Sajjan Jindal, Parth Jindal, Sangita Jindal, Adarsh Advisory Services Private Limited, and Sajjan Jindal Family Trust.
JSW Cement IPO Objectives
The net proceeds from the fresh issue will be used for:
- Financing a new integrated cement unit in Nagaur, Rajasthan (clinker capacity of 3.30 MTPA and grinding capacity of 2.50 MTPA).
- Prepayment or repayment of certain outstanding borrowings.
- General corporate purposes.
JSW Cement Financials
JSW Cement has shown steady revenue growth but a decline in profitability. Below is a summary of its financial performance:
| Particulars | FY24 (₹ Crores) | FY23 (₹ Crores) | Growth (%) |
|---|---|---|---|
| Revenue | 6,028.10 | 5,836.72 | 3.28% |
| EBITDA | Not Available | Not Available | Not Available |
| PAT | 62.00 | 104.00 | -40.38% |
The company’s revenue grew by 3.28% to ₹6,028.10 crores in FY24, but PAT declined by 40.38% to ₹62 crores, with total liabilities at ₹8,933.42 crores as of March 31, 2024.
JSW Cement IPO Strengths
- Market Leadership: Fastest-growing cement manufacturer with a 14.14% CAGR in grinding capacity and 19.06% in sales volume (FY14–FY24), outpacing industry averages.
- Sustainability Focus: Largest GGBS producer (82.70% market share) with low CO₂ emissions and a clinker-to-cement ratio of 46.6%, aligning with eco-friendly trends.
- Strategic Locations: Seven plants across India and one in the UAE, near limestone mines and JSW Steel plants, ensuring cost-effective operations.
- Expansion Plans: Aiming to double capacity to 40.85 MMTPA, with new units in Rajasthan and Punjab to establish a pan-India presence.
- Strong Distribution: 5,043 dealers, 10,412 sub-dealers, and 6,268 direct customers as of March 2024, enhancing market reach.
JSW Cement IPO Risks
- Profit Decline: 40.38% drop in PAT from ₹104 crores in FY23 to ₹62 crores in FY24, raising concerns about profitability.
- High Debt: Total liabilities of ₹8,933.42 crores as of March 31, 2024, may strain financial flexibility despite IPO debt repayment plans.
- Raw Material Dependence: Relies on JSW Steel for 90.93% of blast furnace slag, posing supply chain risks.
- Regulatory Issues: Promoter Sajjan Jindal and group entities received SEBI show-cause notices, which could impact investor confidence.
- No GMP Activity: Absence of GMP data as of July 21, 2025, limits visibility on listing gains.
JSW Cement IPO Review
The JSW Cement IPO offers exposure to India’s fastest-growing cement manufacturer, with a strong focus on eco-friendly products like GGBS (82.70% market share) and a planned capacity expansion to 40.85 MMTPA. The company’s 3.28% revenue growth to ₹6,028.10 crores in FY24 and strategic plant locations enhance its appeal. X posts indicate strong investor interest, with tentative IPO dates of August 11–13, 2025, and an expected price band of ₹100–₹200, though earlier sources suggested ₹325–₹327 with a ₹27 GMP, creating uncertainty. The cement industry’s projected 6.5–7.5% CAGR from FY25–29, driven by infrastructure and urbanization, supports long-term growth. However, risks include a 40.38% PAT decline, high debt (₹8,933.42 crores), dependence on JSW Steel for raw materials, and SEBI notices to promoters. The mainboard status and ₹4,000 crore issue size ensure high visibility, but the lack of confirmed lot size and GMP data warrants caution. Long-term investors may find this IPO attractive due to sector tailwinds and sustainability focus, but short-term investors should monitor GMP trends and market conditions closely.
Recommendation: Suitable for long-term investors with moderate risk tolerance, but consult a financial advisor due to profitability concerns and regulatory risks.
How to Apply for JSW Cement IPO
Investors can apply through ASBA (Applications Supported by Blocked Amount) or UPI via their bank or brokers like Zerodha, Upstox, or 5Paisa.
Steps to Apply:
- Log in to your demat account or broker’s platform (e.g., Zerodha Console).
- Navigate to the IPO section and select “JSW Cement IPO.”
- Enter the number of lots and price (₹100–₹200 per share, expected).
- Provide your UPI ID or bank details for payment.
- Submit the application and approve the UPI mandate.
Check your broker’s IPO application process for detailed instructions.
JSW Cement IPO FAQs
When does the JSW Cement IPO open and close?
The IPO is tentatively set to open on August 11, 2025, and close on August 13, 2025.
What is the price band of the JSW Cement IPO?
The expected price band is ₹100 to ₹200 per share, though subject to confirmation.
What is the minimum investment for retail investors?
The minimum investment will be announced once the lot size is finalized.
How can I check the JSW Cement IPO allotment status?
Visit the KFin Technologies website (https://kosmic.kfintech.com/ipostatus/), select “JSW Cement IPO,” and enter your PAN, application number, or DP Client ID.
What is the GMP of the JSW Cement IPO today?
As of July 21, 2025, the GMP is not available, as grey market activity has not started.
Where will the JSW Cement IPO be listed?
The IPO will be listed on the BSE and NSE on August 18, 2025 (tentative).
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