JSW Cement’s ₹3,600-crore IPO opened for public subscription today at a price band of ₹139–₹147 per share, with a minimum lot size of 102 shares. The offering includes a fresh issue of ₹1,600 crore and an offer-for-sale worth ₹2,000 crore. 
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DANISH SIDDIQUI/Reuters

JSW Cement’s ₹3,600-crore initial public offering (IPO) is opening for public subscription today at a price band of ₹139 and ₹147. The minimum lot size is 102 shares. 

JSW Cement, part of the diversified JSW Group, has reserved  50 per cent of the IPO for the Qualified Institutional Bidders (QIB), 15 per cent is allocated for High Net Worth Individuals (HNIs), and the rest (35 per cent) is for retail investors.

The IPO comprises a fresh issue of 10.88 crore shares, worth ₹1,600 crore, and an offer for sale of 13.61 crore shares, worth ₹2,000 crore. Selling shareholders in the IPO include AP Asia Opportunistic Holdings Pte. Ltd, Synergy Metals Investments Holding and State Bank of India. 

Fund utilisation

JSW Cement plans to utilise ₹800 crore from the fresh issue to finance the cost of establishing a new integrated cement unit at Nagaur, Rajasthan, while another ₹520 crore will be used to repay existing debt. The remaining funds are for general corporate purposes.

As part of the IPO, JSW Cement on Wednesday mobilised ₹1,080 crore from anchor investors such as Nomura, Government of Singapore, Abu Dhabi Investment Authority, Morgan Stanley Investment Fund, Goldman Sachs (Singapore) Pte and Kuwait Investment Authority, according to a circular uploaded on BSE’s website. Additionally, SBI Mutual Fund (MF), Nippon India MF, Tata MF, Aditya Birla Sun Life MF, Motilal Oswal MF, and SBI Life Insurance Company are among the investors. The company has allotted 7,34,69,386 shares to 52 funds at ₹147 apiece. 

Issue size trimmed

It may be recalled that the company had originally planned to raise ₹4,000 crore in an IPO, but it has now pruned this to ₹3,600 crore, reducing the fresh size of the capital raising by ₹400 crore to ₹1,600 crore.

JSW Cement Limited is part of the JSW Group, a multinational conglomerate with a diversified portfolio of businesses across various sectors, including steel, energy, maritime, infrastructure, defence, business-to-business e-commerce, real estate, paints, sports, and venture capital. It started its operations in 2009 in the southern region of India through our single grinding unit in Vijayanagar, Karnataka.

Product portfolio

The company’s product portfolio comprises blended cement (including PSC, PCC, and PPC), GGBS, ordinary Portland cement (“OPC”), clinker, and a range of allied cementitious products, such as ready-mix concrete (“RMC”), screened slag, construction chemicals, and waterproofing compounds. As of March 31, 2025, the company operates seven plants in India, which comprise one integrated unit, one clinker unit and five grinding units across the states of Andhra Pradesh (Nandyal plant), Karnataka (Vijayanagar plant), Tamil Nadu (Salem plant), Maharashtra (Dolvi plant), West Bengal (Salboni plant), Odisha (Jajpur plant and our majority owned Shiva Cement Limited clinker unit).

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, and SBI Capital Markets Limited are the book-running lead managers to the Offer, and KFin Technologies Limited is the registrar of the Offer.

Published on August 7, 2025