JSW Cement IPO opens today: Check issue details, brokerage views, latest GMP & more

The initial public offering (IPO) of JSW Cement kicks-off for bidding on Thursday, August 07. The Sajjan Jindal-led company is selling its shares in the range of Rs 139-147 apiece and investors can apply for a minimum of 102 equity shares and its multiples thereafter. The issue can be subscribed until Monday, August 11.

JSW Cement is looking to raise a total of Rs 3,600 crore via its IPO, which includes a fresh share sale of Rs 1,600 crore and an offer-for-sale (OFS) of up to 13,60,54,421 equity shares worth 2,000 crore. The net proceeds from the fresh issue shall be utilized towards financing a new integrated cement unit at Nagaur, Rajasthan, debt repayment and general corporate purposes.

Incorporated in 2006, Mumbai-headquartered JSW Cement is a manufacturer of green cement in India. As part of the JSW Group, the company is committed to sustainability and innovation in the cement industry. The company operated seven plants across the country. It had an installed grinding capacity of 20.60 MMTPA as of March 31, 2025.

JSW Cement raised Rs 1,080 crore via anchor book as it finalised allocation of 7.34 crore equity shares at Rs 147 apiece. Marquee names like Nomura Funds, Blackrock, Stichting Depositary APG, UBS Fund Management, Government of Singapore, Government Pension Fund Global Abu Dhabi Investment Authority, Amundi Funds, Morgan Stanley, Kuwait Investment Authority were among the anchors.

For the financial year ended on March 31, 2025, JSW Cement reported a net loss of Rs 163.77 crore with a revenue of Rs 5,914.67 crore. However, it clocked a net profit of Rs 62.01 crore with a revenue of Rs 6,114.60 crore for the year ended March 2023-24. The company shall command a market capitalization of Rs 20,041.46 crore.

JSW Cement has reserved 50 per cent of the net offer for qualified institutional bidders, while non institutional investors will have 15 per cent of allocations. Retail investors will get 35 per cent of the allocation in the IPO. JSW Cement has seen a sharp fall in its grey market premium (GMP), which was last seen at Rs 6 apiece. The GMP stood around Rs 15-20 when the issue was announced.

JM Financial, Axis Capital, Citigroup Global Markets India, SBI Capital Markets DAM Capital Advisors, Goldman Sachs (India), Kotak Mahindra Capital are the book-running lead managers of the JSW Cement IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE on August 14. Here's what a host of brokerage firms say about the IPO of JSW Cement:
 

Reliance Securities
Rating: Subscribe

JSW Cement combines scale leadership, structural cost advantages, and industry-leading ESG performance. With infrastructure and housing demand expected to grow at a robust pace, and increasing preference for low-carbon building materials, it is well-positioned for sustained growth. The sector is seeing large players expand capacity aggressively, said Reliance Securities.

"The offering provides investors an opportunity to participate in a differentiated, future-ready cement player with both profitability levers and growth visibility. Consolidation is expected to improve pricing discipline and supply chain efficiencies, benefiting scale players like JSW Cement. Owing to such developments, we recommend to subscribe," it added.
 

Arihant Capital Markets
Rating: Neutral

JSW Cement is a leading manufacturer of green cement with a strong presence in the southern, western, and eastern regions. It operates through an integrated and strategically located network of plants and grinding units. It has an installed capacity of 20.6 MTPA, with plans to expand to 60 MTPA by FY30, backed by brownfield expansions and a greenfield project at Nagaur, Rajasthan, said Arihant Capital.

"It operates on a cost-efficient, backward-integrated model with captive limestone mines and slag from JSW Steel, supporting margins. Its strong ESG focus, particularly in green cement, aligns with sustainable construction trends. The IPO is valued at an EV/Ebitda of 31 times (FY25 basis) which is higher than industry average," it added with a 'neutral' rating on the issue.
 

AUM Capital
Rating: Subscribe

JSW Cement is a fast growing cement manufacturing company in India in terms of installed grinding capacity and sales volume. Being the largest producer of ground granulated blast furnace slag (GGBS) gives it a competitive advantage. Strong branding of JSW Group is an added advantage in terms of financial flexibility and operational synergies, said AUM Capital with a 'subscribe' rating.
 

Swastika Investmart
Rating: Subscribe

JSW Cement is among the top 10 cement companies in India. It is expanding pan-India via greenfield and brownfield projects, aiming to double its grinding capacity. However, revenue growth and profit after tax has been inconsistent over the past three years, said Swastika Investmart.

"The IPO valuation appears aggressive based on current financials. JSW Cement is a growth-phase story, Short-term returns could be volatile due to high valuation and current losses. High risk investors may apply for minor listing gains and hold for long term," it added.
 

Canara Bank Securities
Rating: Subscribe

Valuations appear stretched at 32 times EV/Ebitda and 6 times PB, above peer averages. However, it stands out as India’s fastest-growing and the world’s greenest cement producer, backed by strong synergies with JSW Steel, said Canara Bank Securities. "We recommend 'subscribe' to the issue, given its growth potential, sustainability focus, and strategic alignment within the JSW Group," it said.
 

SMIFS
Rating: Subscribe

"We recommend to subscribe to the issue as near-term profitability remains under pressure, the scale-up in capacity, efficiency-led margin recovery, and shift toward higher-value blended products are expected to lift both topline and earnings over the next cycle," said SMIFS.
 

Ventura Securities
Rating: Subscribe

Looking ahead, JSW Cement’s capacity expansion projects in Rajasthan, Punjab, and Madhya Pradesh are expected to diversify its geographic footprint and improve scale. The FY25 loss was largely due to one-off fair value adjustments, temporary underperformance at certain subsidiaries, and strategic investments, which are expected to normalize in FY26, said Ventura.

"With capacity ramp-ups, efficiency gains, and improved subsidiary performance, the company anticipates a return to profitability, supported by higher volumes, enhanced margins, and a broader market reach," it added with a 'subscribe' rating.
 

Lakshmishree Securities & Investments
Rating: Subscribe

JSW Cement's dominant market share in eco-friendly products and strategic raw material access from sister companies give it a competitive edge. The IPO aims to fund significant expansion and reduce debt, strengthening its balance sheet for future growth, said Lakshmishree Securities & Investments.

"However, a closer look reveals declining profitability and return on equity despite rising revenues. It faces risks from industry cycles and reliance on steel by-products. Despite these challenges, its strong brand, strategic growth plans, and alignment with India's sustainable infrastructure push make it an attractive long-term play," it said with a 'subscribe' for sustained value creation.