JSW Cement IPO Listing: GMP Trend, Subscription, Listing Gains & What’s Next?

JSW Cement debuted on the stock exchanges at ₹153.5, marking a 4.4% listing gain over the IPO price of ₹147. The IPO saw robust demand, closing with an 8.22x subscription, mainly fueled by Qualified Institutional Buyers (16.71x) and Non-Institutional Buyers (11.6x), while retail participation stayed moderate at 1.91x. This update will break down the listing performance, key financial indicators, business pros and cons, and help investors set realistic expectations for the future of JSW Cement shares.

IPO Overview

• IPO Date: August 7 to August 11, 2025
• Total Issue Size: ₹3,600 crore
• Price Band: ₹139 to ₹147 per share
• Lot Size: 102 shares per lot
• Tentative Allotment Date: August 12, 2025. Check JSW Cement allotment status here.
• Listing Date: August 14, 2025 (Tentative). Check live JSW Cement share price here.

Subscription Status: Closed at 8.2 times.

How does JSW Cement Make Money?

At its core, JSW Cement makes cement. It stands out for its strong focus on “green” products like blended cement and Ground Granulated Blast Furnace Slag (GGBS), cement made using steel industry waste that’s better for the planet. Besides this, the company also makes regular cement and essential ingredients such as clinker, along with ready-mix concrete and construction chemicals. It sells to both individual home-builders and giant infrastructure projects, primarily in southern, western, and eastern India, with an international foothold in the UAE. With eight production plants and a sprawling distribution network of nearly 13,500 dealers and sub-dealers, JSW Cement gets its products into the hands of customers efficiently and with a broad reach.

Objectives of the IPO

JSW Cement plans to put IPO proceeds to use, as follows:

• ₹800 crore: To build a new cement plant in Nagaur, Rajasthan, targeting 3.3 million tonnes annual clinker capacity and 2.5 million tonnes grinding capacity.
• ₹520 crore: To pay down a chunk of its ₹6,166.55 crore total debt, making its finances more stable.
• The rest of the fresh issue and all OFS proceeds go to business purposes and to the selling shareholders, not to JSW Cement itself.

Strengths:

• Fastest-growing player: Cement capacity and sales volumes rose 12.4% and 15.05% per year (FY23–FY25). That’s well above the industry’s pace.
• Green cement leader: India’s number one maker of GGBS, with roughly 84% market share in this segment.
• Lowest carbon emissions: Its cement emits about 54% less CO2 than the best global peers. Also, 21.5% of its electricity comes from green sources.

Risks:

• Heavy supplier dependence: 93% of the key blast furnace slag comes from JSW Steel. Losing this source would seriously disrupt production.
• Recent financial losses: JSW Cement posted a loss of ₹163.77 crore in FY25, after its selling price dropped and JV losses rose.
• Big debt: With over ₹6,166 crore in borrowings, rising interest rates could hit profits hard (a 1% rise could shave off about ₹62 crore).
• Lower profitability: Return on Equity (RoE) was -4.85% in FY25, meaning the company lost about ₹4.85 on every ₹100 invested by its owners.

For detailed information, visit JSW Cement’s IPO page.

Peer Comparison

JSW Cement’s listed industry peers are UltraTech Cement, Ambuja Cement, Shree Cement, Dalmia Bharat, JK Cement, The Ramco Cements, and The India Cements.

• Market standing: JSW Cement is in the top 10 by capacity in India but is much smaller than giants like UltraTech and Ambuja.
• Growth: Its cement sales volume grew fastest among top players at 15.05% CAGR (FY23–FY25).
• Profitability metrics:
  • RoE: -4.85% (peers range from 3.66% to 14.14%). Only India Cements also had a negative RoE.
  • PAT Margin: -2.77% in FY25 (peers are positive; Ambuja at 13.68%, UltraTech at 7.87%).
  • EBITDA per tonne: ₹645, lower than UltraTech’s ₹979.
  • Operating margin: 14.87% (lower than Ambuja’s 17.72%).
• Debt: Net debt to EBITDA is 4.86x, much higher than UltraTech (1.33x) and Dalmia Bharat (0.30x), showing heavier reliance on borrowings.

Source: JSW Cement RHP

IPO Valuation

At the top IPO price of ₹147 per share, JSW Cement’s EV/EBITDA for FY25 is around 27.76 times. This is higher than the industry average (22.97x) and close to UltraTech Cement (28.39x), JK Cement (26.53x), and well above Ambuja Cement (16.84x). The EV/EBITDA ratio compares the full value of a company (including debt) to its operating profit, showing how expensive it is for the profits it generates. In simple terms, investors are paying a premium for JSW Cement, likely because of its green leadership and strong growth, but this price expects the company to deliver on future performance.

The People Behind JSW Cement

Sajjan Jindal (Promoter): Founder and Chairman of JSW Group, credited with growing it into a $12 billion diversified conglomerate with a strong focus on sustainable businesses.

Parth Jindal (Managing Director): MBA from Harvard with over 15 years of experience; led major expansions and drove JSW Cement’s leadership in green cement products.

Nilesh Narwekar (CEO): Over 25 years of experience in operations and advisory roles, including at PwC; instrumental in capacity growth and operational efficiency.

Seshagiri Rao (Chairman & Non-Executive Director): 27+ years in financial leadership, including CFO roles at JSW Group companies.

Narinder Singh Kahlon (CFO): Chartered Accountant with 27 years of finance and commercial management expertise, part of JSW since 2007.

Sneha Bindra (Company Secretary): Over 13 years of legal and compliance experience ensuring regulatory adherence.

Industry Outlook

India’s cement sector is the world’s second largest, with total capacity pegged at around 668 million tonnes per year. The outlook is robust, thanks to big infrastructure projects and steady housing demand. In fact, infrastructure is expected to see a 6–7% annual surge in demand, while green cement types like GGBS are seeing 14–15% growth as buyers seek more sustainable solutions. But volatile costs (fuel, raw materials), aggressive competition, and tightening environmental norms mean only the most efficient and adaptive players will thrive.

Analyst View

JSW Cement’s listing delivered modest gains, reflecting the company’s mix of positives and challenges. The strong subscription from institutional investors shows that the market recognizes JSW Cement’s growth potential, especially in eco-friendly “green” cement, which remains a key structural theme in India and globally. The company is well positioned to capture this trend due to its expansion plans and focus on sustainability. However, just a 4.4% listing gain highlights some caution. JSW Cement still faces pressure from recent financial losses, a relatively high debt load, and profit margins below the larger cement peers. There’s also risk tied to its dependence on a few suppliers and the challenge of managing rapid expansion.

For investors, JSW Cement represents a longer-term growth opportunity in a sunrise sector, but the journey may come with volatility and execution hurdles, especially as the recent listing reflects tempered immediate market enthusiasm. Monitoring financial progress, debt reduction, and margin improvement will be crucial for anyone considering this stock for their portfolio.

Other IPOs to Watch

The D2C jewellery company, BlueStone Jewellery’s IPO is also open. The company is raising ₹1,540.65 crore via the IPO. Read more at BlueStone Jewellery IPO page.

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For a seamless application process, visit the INDmoney IPO page.

Disclaimer

Source: JSW Cement's RHP. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please be informed that merely opening a trading and demat account will not guarantee investment in securities in the IPO. Investors are requested to do their own independent research and due diligence before investing in an IPO. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. This post is for general information and awareness purposes only and is nowhere to be considered as advice, recommendation, or solicitation of an offer to buy or sell, or subscribe for securities. INDstocks is acting as a distributor for non-broking products/services such as IPO, Mutual Fund, and Mutual Fund SIP. These are not exchange-traded products. All disputes with respect to the distribution activity would not have access to the Exchange investor redressal forum or the Arbitration mechanism. INDstocks Private Limited (formerly known as INDmoney Private Limited) does not provide any portfolio management services, nor is it an investment adviser. Logos above are the property of respective trademark owners, and by displaying them, INDstocks has no right, title, or interest in them. SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428.