JSW Cement IPO is scheduled to open on August 11, 2025, and will close on August 13, 2025. The allotment for this IPO will be done on August 14, while refunds and credit to Demat accounts are expected on August 18, 2025. The shares of JSW Cement will be listed on both BSE and NSE on August 19, 2025.
The IPO is a Book Built Issue, aiming to raise around ₹4,000 crores, which includes a fresh issue of ₹2,000 crores and an offer for sale of equity shares (exact number yet to be announced) with a face value of ₹10 each. The price band of the IPO is not yet disclosed. The quota for retail investors is 35%, QIBs will get 50%, and 15% is reserved for HNIs.
As per financial data, the company reported a revenue of ₹6114.60 crores in FY 2024 as compared to ₹5982.21 crores in FY 2023. However, profit dropped to ₹62.01 crores in 2024 from ₹104.04 crores in 2023. Investors looking for long-term growth may consider applying for this IPO
Overview of Contents
About JSW Cement IPO
JSW Cement was incorporated in 2006, marking the beginning of its journey in the Indian cement industry. Over the years, the company has steadily expanded its production capacity and market presence through strategic acquisitions and new manufacturing units. In 2009, it commissioned its first manufacturing facility in Vijayanagar, Karnataka, followed by the operational launch of its Nandyal plant. By 2012, the company had strengthened its foothold in southern India with the establishment of another unit in Nandyal, Andhra Pradesh. The expansion continued in 2015 with the acquisition of a cement plant in Raigad, Maharashtra, which had an installed capacity of approximately 0.60 MTPA. This move helped JSW Cement extend its reach into western India and integrate its operations more effectively.
The company accelerated its growth in 2017 by expanding its Vijayanagar plant to 2.4 MTPA and acquiring a majority stake in Shiva Cement Limited, a cement manufacturer based in Sundargarh, Odisha. The same year, JSW Cement operationalized its Salboni plant, further strengthening its presence in the eastern region. By 2018, the company had commissioned a 2.4 MTPA unit at Salboni and expanded the Raigad plant by an additional 1.2 MTPA. This steady expansion strategy allowed JSW Cement to cater to growing demand across different regions in India.
In 2020, JSW Cement took a significant step towards international expansion by commissioning a 3,000 TPD (0.99 MTPA) clinkerization unit in Fujairah, UAE, helping it access new markets and improve its supply chain. The company raised funds in 2021 through investments from AP Asia Opportunistic Holdings Pte. Ltd., Synergy Metals Investments Holding Limited, and the State Bank of India, supporting further business growth. By 2022, JSW Cement had completed capacity expansions at its Salboni plant, implemented debottlenecking improvements at the Vijayanagar facility, and acquired a full stake in Springway Mining Private Limited, further strengthening its raw material sourcing capabilities.
In 2023, the company commissioned a new 4,000 TPD (1.32 MTPA) clinkerization unit at Shiva Cement Limited in Odisha and expanded its Raigad plant by an additional 2 MTPA. This strategic expansion enabled JSW Cement to enhance its production capabilities and meet the rising demand for high-quality cement.
JSW Cement is now one of the leading players in India’s cement industry, with a total installed grinding capacity of 20.60 MMTPA across its southern (11.00 MMTPA), western (4.50 MMTPA), and eastern (5.10 MMTPA) facilities. The company also has an installed clinker capacity of 6.44 MMTPA, including its overseas operations.
As part of the JSW Group, which operates in industries such as steel, energy, infrastructure, paints, and sports, JSW Cement benefits from strong synergies and brand recognition. The group’s combined revenue in Fiscal 2024 stood at ₹2,001.98 billion ($24,000 million), highlighting its extensive business reach. Under the leadership of Mr. Sajjan Jindal and Mr. Parth Jindal, JSW Cement continues to expand its market presence and strengthen its brand through aggressive marketing campaigns across print, television, social media, and outdoor branding. With a commitment to growth, innovation, and sustainability, JSW Cement aims to be a dominant force in the cement industry for years to come.
JSW Cement IPO Overview
| Particulars | Details |
|---|---|
| Listing Exchange | NSE & BSE |
| Issue Type | Book Built Issue |
| Face Value | ₹10 per share |
| IPO Price Range | ₹100 to ₹200 Per Share |
| Total Issue Size | Approx. ₹4,000 crore |
| Fresh Issue Size | Approx. ₹2,000 crore |
| Offer for Sale (OFS) | Approx. [.] equity shares |
| Retail Investor Quota | Up to 35% |
| Qualified Institutional Buyers (QIBs) | Up to 50% |
| Non-Institutional Investors (NIIs) | Up to 15% |
Objects of the Issue
- Funding the establishment of a new integrated cement unit in Nagaur, Rajasthan.
- Partial or full repayment of certain outstanding borrowings.
- General corporate purposes.
JSW Cement IPO Prospectus
| DRHP | Click here |
| RHP | Click here |
JSW Cement IPO Lot Size
| Category | Lot Size | No. of Shares | Investment Amount |
|---|---|---|---|
| Retail Investor (Min.) | 1 Lot | – | ₹– |
| Retail Investor (Max.) | 13 Lots | – | ₹– |
| Small HNI (S-HNI) | 14 Lots | – | ₹– |
| Big HNI (B-HNI) | 68 Lots | – | ₹– |
JSW Cement IPO Dates
| Event | Date (Day) |
|---|---|
| IPO Open Date | August 11, 2025 (Monday) |
| IPO Close Date | August 13, 2025 (Wednesday) |
| Basis of Allotment | August 14, 2025 (Thursday) |
| Refunds Initiation | August 18, 2025 (Monday) |
| Credit to Demat Account | August 18, 2025 (Monday) |
| IPO Listing Date | August 19, 2025 (Tuesday) |
JSW Cement IPO Financial Performance
| Financial Year | Total Income | Total Spending | Net Profit After Tax | Total Assets |
|---|---|---|---|---|
| 2022 | ₹4,863.48 | ₹4,465.49 | ₹232.65 | ₹9,272.51 |
| 2023 | ₹5,982.21 | ₹5,838.68 | ₹104.04 | ₹10,218.61 |
| 2024 | ₹6,114.60 | ₹5,808.21 | ₹62.01 | ₹11,318.91 |
JSW Cement IPO Valuation – FY 2024
| Metric | Value |
|---|---|
| Return on Equity (ROE) | 2.60% |
| Return on Capital Employed (ROCE) | 11.08% |
| Operating Profit Margin (EBITDA%) | 1.01% |
| Profit After Tax Margin (PAT%) | 7.30% |
| Leverage Ratio (Debt-to-Equity) | – |
| Earnings Per Share (EPS - Basic) | ₹0.91 |
| Price-to-Earnings Ratio (P/E) | N/A |
| Shareholder Return (RoNW%) | 3.64% |
| Net Asset Per Share (NAV) | ₹24.99 |
JSW Cement IPO Peer Comparison
| Company | Revenue (₹ Cr.) | EPS (₹) | PE Ratio | RoNW (%) | NAV (₹) |
|---|---|---|---|---|---|
| UltraTech Cement | 70,908.14 | 243.05 | 46.55 | 11.63 | 2,089.69 |
| Shree Cement | 20,520.98 | 663.98 | 36.57 | 11.57 | 5,737.94 |
| Ambuja Cements | 33,159.64 | (17.99) | 37.93 | 8.63 | 208.53 |
| JK Cement | 11,556.00 | 102.35 | 41.31 | 14.73 | 694.61 |
| Dalmia Bharat | 14,691.00 | 44.05 | 39.57 | 5.04 | 874.41 |
| The Ramco Cements | 9,376.35 | 15.77 | 50.66 | 4.97 | 317.20 |
| India Cements | 5,112.24 | (7.32) | NA | NA | NA |
JSW Cement IPO Review
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IPO Lead Managers aka Merchant Bankers
- JM Financial Limited
- Axis Capital Limited
- Citigroup Global Markets India Private Limited
- DAM Capital Advisors Limited
- Goldman Sachs (India) Securities Private Limited
- Jefferies India Private Limited
- Kotak Mahindra Capital Company Limited
- SBI Capital Markets Limited
Company Address
- JSW Cement Limited
- JSW Centre,
- Bandra Kurla Complex, Bandra (East),
- Mumbai 400 051, Maharashtra, India
- Phone: +91 22 4286 3115
- Email: secretarial.jswcl@jsw.in
- Website: www.jswcement.in
JSW Cement IPO Registrar
- KFin Technologies Limited
- Phone: +91 40 6716 2222
- E-mail: jswcement.ipo@kfintech.com
- Website: https://ris.kfintech.com/
JSW Cement IPO FAQs
When is the JSW Cement IPO expected to open?
The IPO is anticipated to open on 11th 2025 and close on 13th august 2025.
What is the price band for JSW Cement IPO?
The price band is 100-200 Per share
What is the total issue size of the IPO?
The total issue size is expected to be around ₹4,000 crore, including a fresh issue of ₹2,000 crore.
What is the lot size for retail investors?
The exact lot size will be announced later, but retail investors can apply for a minimum of 1 lot.
On which stock exchanges will JSW Cement be listed?
The shares will be listed on both BSE and NSE.