The JSW Cement IPO is scheduled to open for subscription in 2025 and will close in 2025. This Book Built Issue aims to raise ₹4000 crores, consisting entirely of a fresh issue of 2000 Crores equity shares with a face value of ₹10 each.
The IPO price band is set at ₹[] to ₹[] per share, with a retail investor quota of 35%, QIB at 50%, and HNI at 15%. Investors can apply with a minimum lot size of [] shares, requiring an investment of ₹[], while HNIs must bid for at least [] lots , amounting to ₹[]. The IPO allotment is expected to be finalized in 2025, and the company is set to list on the BSE SME platform in 2025.
JSW Cement has demonstrated steady revenue growth, with its earnings rising to ₹6,114.60 crores in 2024 from ₹5,982.21 crores in 2023, reflecting its strong market position and expanding operations. However, the company’s net profit declined from ₹104.04 crores in 2023 to ₹62.01 crores in 2024, indicating short-term financial challenges. Despite this dip in profitability, JSW Cement remains a key player in the industry with significant growth potential. Given its established brand presence, expanding market reach, and future strategic initiatives, investors looking for long-term value may find this IPO a worthwhile consideration. While short-term fluctuations exist, the company’s long-term prospects and industry positioning make it a promising bet for those with a long-term investment horizon.
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 |
|---|---|
| Issue Type | Book Built Issue |
| Opening Date | 2025 (Exact Date TBA) |
| Closing Date | 2025 (Exact Date TBA) |
| Face Value | ₹10 per share |
| IPO Price Range | ₹[.] – ₹[.] per share |
| Total Issue Size | Approx. ₹4,000 crore |
| Fresh Issue Size | Approx. ₹2,000 crore |
| Offer for Sale (OFS) | Approx. [.] equity shares |
| Listing Exchange | NSE & BSE |
| 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 |
|---|---|
| IPO Opening Date | 2025 |
| IPO Closing Date | 2025 |
| Basis of Allotment Finalization | 2025 |
| Refund Initiation | 2025 |
| Shares Credited to Demat Accounts | 2025 |
| IPO Listing Date | 2025 |
| UPI Mandate Confirmation Deadline | 2025 |
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 in 2025, though exact dates are yet to be announced.
What is the price band for JSW Cement IPO?
The price band has not been disclosed yet but will be updated closer to the IPO launch.
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.