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JSW Cement IPO, JSW Cement IPO Subscription Update: The Rs 3,600-crore initial public offering (IPO) of JSW Cement has been subscribed 10 per cent so far on the first day of bidding, Thursday, August 7.
According to BSE data, the IPO received bids for 1.83 crore shares against the total offer of 18.12 crore shares as of 11:40 am.
Category-wise, the highest response came from retail investors, with 17 per cent of the reserved shares subscribed. This was followed by the non-institutional investors (NIIs), also known as high-net-worth individuals (HNIs), whose portion saw a 7 per cent subscription. Meanwhile, qualified institutional buyers (QIBs) applied for just 9,078 shares out of 5.17 crore reserved for them, translating to zero per cent subscription.
The cement firm raised Rs 1,080 crore from anchor investors on Wednesday, August 6. The anchor book saw participation from both domestic and foreign institutional investors, including Nomura, the Government of Singapore, Abu Dhabi Investment Authority, Morgan Stanley Investment Fund, Goldman Sachs (Singapore) Pte, and the Kuwait Investment Authority. Among domestic institutions, notable participants included SBI Mutual Fund, Nippon India Mutual Fund, Tata Mutual Fund, Aditya Birla Sun Life Mutual Fund, Motilal Oswal Mutual Fund, and SBI Life Insurance Company. According to BSE, JSW Cement allotted 7,34,69,386 equity shares to 52 anchor investors at Rs 147 per share, aggregating to Rs 1,080 crore.
The company has set a price band of Rs 139–147 per share for the IPO. The comprises a fresh issue of shares worth Rs 1,600 crore, along with an offer for sale (OFS) of Rs 2,000 crore by existing shareholders.
According to the draft prospectus, JSW Cement plans to use Rs 800 crore from the net proceeds to partially fund a new integrated cement plant at Nagaur, Rajasthan. An additional ₹520 crore will be used for debt repayment, with the remainder allocated for general corporate purposes. As of March 31, 2025, the company's total borrowings stood at Rs 6,166.6 crore.
JSW Cement financial performance
On the financial front, JSW Cement reported revenue from operations of Rs 5,813.1 crore for FY25, compared to Rs 6,028.1 crore in FY24 and Rs 5,836.7 crore in FY23. The company posted a net loss of Rs 163.77 crore in FY25.
Other details
Here are other details of the IPO:
- Market Capitalisation (Post Issue): Rs 19,038 crore to Rs 20,041 crore, based on price band
- Bid Lot: 102 shares and in multiples thereof
Allocation structure
- Qualified Institutional Buyers (QIBs): 50 per cent
- Retail Investors: 35 per cent
- Non-Institutional Investors (NIIs): 15 per cent
BRLMs, registrar details
The IPO book-running lead managers of the IPO are JM Financial, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs India, Jefferies India, Kotak Mahindra Capital, and SBI Capital Markets, while KFin Technologies is serving as the registrar to the issue.
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