Synopsis:
- IPO opens on August 7 and closes on August 11, 2025
- Total issue size is ₹3,600 crore
- Combines fresh issue + OFS
- Listing expected on August 14
- Focus on green cement, GGBS, and RMC
- Large-scale expansion plans underway
- Company reported loss in FY25 despite steady revenues
- JM Financial is the lead manager; KFin Technologies is the registrar
Source: SEBI
JSW Cement Ltd. is set to launch its ₹3,600 crore Initial Public Offering (IPO) on August 7, 2025, marking a key milestone in the company’s journey. The public issue will remain open until August 11, 2025, and is a combination of a fresh issue of shares and an Offer for Sale (OFS) by existing stakeholders.
The IPO comprises:
- Fresh Issue: 10.88 crore shares worth ₹1,600 crore
- Offer for Sale: 13.61 crore shares worth ₹2,000 crore
Investors can bid for a minimum lot size of 102 shares, which translates to a minimum retail investment of ₹14,178. For high-net-worth individuals, the sNII category requires 14 lots (₹2,09,916), while bNII investors need 67 lots (₹10,04,598).
The shares will be listed on both BSE and NSE, with a tentative listing date of August 14, 2025. The allotment will likely be finalized by August 12, with refunds and credit of shares scheduled for August 13.
JSW Cement IPO Details
| Details | Information |
|---|---|
| IPO Size | ₹3,600 crore |
| Fresh Issue | ₹1,600 crore (10.88 Cr shares) |
| Offer for Sale | ₹2,000 crore (13.61 Cr shares) |
| IPO Type | Bookbuilding |
| Price Band | [To be announced] |
| Face Value | ₹10 per share |
| Lot Size | 102 shares |
| Retail Min Investment | ₹14,178 |
| sNII Min Investment | ₹2,09,916 (14 lots) |
| bNII Min Investment | ₹10,04,598 (67 lots) |
| Listing | BSE, NSE |
| BRLM | JM Financial Ltd. |
| Registrar | Kfin Technologies Ltd. |
JSW Cement IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Thursday, August 7, 2025 |
| IPO Closes | Monday, August 11, 2025 |
| Cut-off Time for UPI Mandate | August 11, 5:00 PM |
| Allotment Finalisation | Tuesday, August 12, 2025 |
| Initiation of Refunds | Wednesday, August 13, 2025 |
| Credit of Shares to Demat | Wednesday, August 13, 2025 |
| Tentative Listing Date | Thursday, August 14, 2025 |
JSW Cement IPO Lot Size and Investment Details
| Investor Category | Lot Size / Shares | Investment Amount (Approx) |
|---|---|---|
| Retail Investors | 102 shares (1 lot) | ₹14,178 |
| sNII (Small HNIs) | 14 lots (1,428 shares) | ₹2,09,916 |
| bNII (Big HNIs) | 67 lots (6,834 shares) | ₹10,04,598 |
About JSW Cement Ltd.
JSW Cement is a leading manufacturer of green cementitious products in India. The company focuses on:
- Blended cement: Portland Slag Cement (PSC), Portland Composite Cement (PCC)
- Ordinary Portland Cement (OPC)
- Ground Granulated Blast Furnace Slag (GGBS)
- Clinker
- Ready-Mix Concrete (RMC)
- Construction chemicals and waterproofing compounds
GGBS Manufacturing Units:
JSW Cement has six operational GGBS units across:
- Vijaynagar (Karnataka)
- Dolvi (Maharashtra)
- Nandyal (Andhra Pradesh)
- Salem (Tamil Nadu)
- Jajpur and Salboni (Odisha)
In FY25, Vijaynagar and Dolvi together contributed over 84% of total GGBS sales.
Installed Capacities (as of March 31, 2025):
| Region | Grinding Capacity (MMTPA) |
|---|---|
| Southern Region | 11.00 |
| Western Region | 4.50 |
| Eastern Region | 5.10 |
| Total Grinding | 20.60 |
Clinker Capacity (MMTPA) | 6.44 (including JSW Cement FZC) |
The company is executing both greenfield and brownfield expansions to raise capacities to:
- Grinding: 41.85 MMTPA
- Clinker: 13.04 MMTPA
Distribution & Marketing
JSW Cement sells through:
- Trade Channel: via dealers and sub-dealers
- Non-Trade Channel: direct institutional sale
The company aims to expand its network and drive demand through regional marketing, digital campaigns, and tie-ups with sporting events.
JSW Cement Financials
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Assets (₹ Cr) | 12,003.94 | 11,318.91 | 10,218.61 |
| Total Income (₹ Cr) | 5,914.67 | 6,114.60 | 5,982.21 |
| Profit After Tax (₹ Cr) | -163.77 | 62.01 | 104.04 |
| EBITDA (₹ Cr) | 815.32 | 1,035.66 | 826.97 |
| Net Worth (₹ Cr) | 2,352.55 | 2,464.68 | 2,292.10 |
| Total Borrowing (₹ Cr) | 6,166.55 | 5,835.76 | 5,421.54 |
Objects of the Offer
| Purpose | Amount (in ₹ million) |
|---|---|
| Establishing a new integrated cement unit at Nagaur, Rajasthan | ₹8,000.00 |
| Prepayment/repayment of certain outstanding borrowings | ₹5,200.00 |
| General corporate purposes (up to 25% of gross proceeds) | To be finalised |
| Net Proceeds | To be updated in Prospectus |
IPO Lead Managers and Registrar
- Book Running Lead Manager (BRLM): JM Financial Ltd.
- Registrar: KFin Technologies Ltd.
JSW Cement PO Reservation Breakup
| Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the offer |
| Non-Institutional Investors (NII) | Not less than 15% of the offer |
| Retail Individual Investors (RII) | Not less than 35% of the offer |
