JSW Group green cement business JSW Cement under the leadership of Sajjan Jindal has on August 7th 2025 a 3600 crore INR IPO consisting of a 1600 crore INR fresh issue and an offer for sale by existing share holders of 2000 crore INR. The company has a price band of 139 to 147 per share with the IPO closing on August 11 and a probable listing on August 14 at BSE and NSE.
Ahead of its listing JSW Cement had received 1080 crores by the so called anchors or major institutional investors at the highest possible price range (147/share) indicating a healthy appetite. Shares in grey market trade changed hands at a premium in the earlier parts of the week of up to 19/share (~13%) however plunged to the side of about 8 (~5.4%) during the IPO day, indicative of declining listing euphoria discharged due to market volatility and unenthusiasm in the retail segment.
High stakes and Mixed signals
The IPO will help it fund a new integrated cement plant in Nagaur Rajasthan ( 800 crore), Debt repayment ( 520 crore) and other general corporate expansion programs. JSW Cement has a presence of seven manufacturing units in India and is aspiring to increase its grinding capacity and integrating with India green infrastructure agenda.
Nonetheless, the institutional participation and retail participation on the first day of subscription was tepid with some brokers giving a long term Subscribe rating on the basis of the brand strength and sustainability focus of the JSW Cement but warn that the valuation at high 30 times EV/EBITDA, the recent loss making could make it a risky investment in the immediate listing gains. Allotment of IPO is tentatively scheduled on August 12, refund processing on August 13 and equity credit to demat account to provide a platform to list it potentially on August 14.
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