The IPO market in India is showing signs of resilience in the second half of the year, after a tepid first half. This comes even as market volatility and global economic uncertainties remain.
In FY25, India witnessed 80 mainboard IPOs, up from 76 in FY24. Total capital raised reached about Rs 1,630 billion, a substantial increase from Rs 619 billion raised via IPOs in FY24. This reflects increased participation.
This week, Dalal Street is all set to see one big IPO open – the IPO of JSW Cement.
Here’s all you need to know about this IPO.
About JSW Cement
Part of the JSW group and incorporated in 2006, JSW Cement is a manufacturer of green cement in India.
The company operated seven plants across India, including one integrated unit, one clinker unit, and five grinding units located in Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, West Bengal, and Odisha (Jajpur plant and the majority-owned Shiva Cement clinker unit).
As of March 2025, JSW Cement had an installed grinding capacity of 20.6 MMTPA, comprising 11 MMTPA in the southern region, 4.5 MMTPA in the western region, and 5.1 MMTPA in the eastern region of India.
JSW Cement Product Portfolio
- Cement: Blended cement and ordinary Portland cement
- Ground granulated blast furnace slag: This is commonly used in blended cement products such as PSC and PCC and as a replacement material for OPC in concrete production.
- Clinker: Clinker is manufactured by burning limestone and clay together at a high temperature
- Allied cementitious products: RMC, screened slag, construction chemicals
JSW Cement distributes its products through a well-connected network. As of March 2025, the company had a distribution network comprising 4,653 dealers, 8,844 sub-dealers, and 158 warehouses.
IPO Details and Structure
Here are the key details of the upcoming offer…
- Issue period: 7 August 2025 to 11 August 2025
- IPO Composition: Fresh issue and offer for sale
- Price Band: Rs 139 to Rs 147 per equity share
- Face Value: Rs 10 per equity share
- Lot size: 102 shares (retail minimum)
- Basis of Allotment: 12 August 2025
- Refunds and share credits: Expected by 13 August 2025
Investors can bid for a minimum lot size of 102 shares and in multiples of 102 thereafter. At the upper end of the price band, this will entail a minimum investment of ₹14,994 for one lot of shares.
50% worth of the IPO has been reserved for the Qualified Institutional Bidders (QIB), while 15% of the offer is for high net-worth Individuals (HNIs), and the rest is for retail investors.
At the upper end of the price band, JSW Cement will have a post-issue market capitalisation of ₹20,041 crore.
Promoters of JSW Cement, which currently own a 78.61% stake in the company, will own 72.33% post the IPO.
Selling shareholders in the IPO include AP Asia Opportunistic Holdings Pte. Ltd, Synergy Metals Investments Holding and State Bank of India.
Objectives of JSW Cement IPO
Source: RHP
A Close Look at JSW Cement’s Financials
For FY25, JSW Cement’s revenue decreased by 3% and profit after tax (PAT) dropped by 364% on a year-on-year basis.
That’s right, after making profits in financial year 2023 and 2024, JSW Cement made a net loss worth ₹163.8 crore in financial year 2025.
JSW Cement Financial Snapshot
| Year Ended (in Rs Cr) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 12,003.9 | 11,318.9 | 10,218.6 |
| Total Income | 5,914.7 | 6,114.6 | 5,982.2 |
| Profit After Tax | -163.8 | 62.1 | 104.1 |
| EBITDA | 815.3 | 1,035.7 | 826.9 |
| Net Worth | 2,352.6 | 2,464.7 | 2,292.1 |
| Reserves and Surplus | 1,287.3 | 1,399.1 | 1,296.7 |
| Total Borrowing | 6,166.6 | 5,835.8 | 5,421.5 |
Source: RHP
The company has stated that its operating metrics in FY24 are not comparable to FY23 and FY22, because the JSW Cement FZC is no longer a wholly owned subsidiary.
Strengths and Weaknesses
Here are a few competitive strengths that JSW Cement commands:
- The company is the fastest growing cement manufacturing company in India in terms of increase in installed grinding capacity and sales volume.
- The company is India’s largest manufacturer of GGBS and has a proven track record of scaling up this business.
- Strategically located plants well-connected to raw material sources and key consumption markets.
- The company has lowest carbon dioxide emission intensity among our peer cement manufacturing companies and the top global cement manufacturing companies.
- Extensive sales and distribution network in India and focus on strong brand.
- The company benefits from its strong corporate lineage of the JSW Group and its qualified management team.
Meanwhile, it also has some key concern areas like:
- Limestone is the principal raw material for manufacturing clinker. Inadequate supply of limestone can have an adverse impact on the business.
- The blast furnace slag is another key raw material. This is the key additive raw material used for manufacturing green cementitious products. It is sourced from JSW Steel and its subsidiaries. The loss of one or more such suppliers could adversely affect business.
- The capacity utilisation of JSW’s plants is affected by various factors, including the availability of raw materials, demand from customers, and market conditions.
- JSW Cement does not own the JSW trademark, and its ability to use the trademark, name and logo may be impaired.
- JSW Cement’s certain subsidiaries and joint ventures have incurred losses in the past.
Grey Market Premium (GMP)
The GMP or grey market premium (GMP) for the IPO is not known yet. It will be updated soon.
The IPO is being managed by a consortium of leading investment banks including JM Financial, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs (India) Securities, Jefferies India, Kotak Mahindra Capital Company, and SBI Capital Markets.
Conclusion
In August 2024, JSW Cement filed preliminary IPO papers with SEBI, and later in September, the regulator kept the company’s proposed initial share sale on hold. The go-ahead for the IPO was received in January 2025.
Now after 6 months, the company is all set to open its IPO this week and go public as soon as early next week.
The JSW Group has been quite vocal about pushing forth green initiatives and JSW Cement takes forward this aspect. The company claims that it has the lowest carbon dioxide emission intensity among cement manufacturing peers in India and the top global cement manufacturing companies.
Nevertheless, the company posted a loss in FY25, and the first thumb rule is to stay away from loss making companies.
So, if you do plan to apply for this IPO, make sure to take a close look at its financials and understand how soon it can turn profitable.
Happy Investing.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
Yash Vora is a financial writer with the Informed InvestoRR team at Equentis. He has followed the stock markets right from his early college days. So, Yash has a keen eye for the big market movers. His clear and crisp writeups offer sharp insights on market moving stocks, fund flows, economic data and IPOs. When not looking at stocks, Yash loves a game of table tennis or chess.
