JSW Cement Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹147
Per ShareLot Size
102 Shares
Minimum Investment
₹14,994
Issue Size
₹3,600 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
JSW Cement Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
78.61%
Promoter Holding (Post-Issue)
72.33%
Issue Type
Book Building
ISIN
INE718I01012
About the Company
We are a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement (which includes portland slag cement ("PSC") and portland composite cement ("PCC")) and ground granulated blast furnace slag ("GGBS"). We also manufacture 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.
Industry Overview
The end-user sectors for our products (blended cement, GGBS, OPC, clinker and allied cementitious products) include the industrial and commercial building, rural housing, urban housing industries and infrastructure sectors. The demand for cement from these end-user sectors is expected to grow at a CAGR of 6.5% - 7.5%, 7.0% - 8.0%, 6.0%-7.0% and 8.5% - 9.5%, respectively from Fiscal 2025 to Fiscal 2030. As a result, Indian cement demand is expected to grow at a healthy 7.5-8.5% CAGR from Fiscal 2025 to Fiscal 2030; which in turn will increase the demand for blended cement, GGBS, OPC, clinker and allied cementitious products. Demand for GGBS in particular is expected to grow at a CAGR of 14.00%-15.00% from Fiscal 2025 to Fiscal 2030.
Company History
JSW Cement Limited was incorporated as a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated March 29, 2006 issued by the Registrar of Companies, Maharashtra at Mumbai ("RoC"). The Company received a certificate of commencement of business on May 12, 2006 by the RoC.
Products & Services
- The Company is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement and portland composite cement ("PCC")) and ground granulated blast furnace slag ("GGBS").
Growth Strategy
- Create a pan-India footprint by setting up new plants in north and central India, supplemented by expansions in our current regions of operation.
- Continue to deepen our presence in existing markets and grow our market share.
- Continue to improve operational efficiency and implement cost reduction measures.
- Continue to focus on sustainable development.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 244,897,958 equity shares of face value of Rs.10/- each ("Equity Shares") of JSW Cement Limited ("Company" or "Issuer") for cash at a price of Rs. 147/- per equity share (Including a Share Premium of Rs. 137/- per Equity Share) ("Offer Price") Aggregating to Rs. 3600.00 crores (the "Offer") comprising of a fresh issue of 108,843,537 equity shares of face value of Rs.10/- each aggregating to Rs.1600.00 crores ("Fresh Issue") and an offer for sale of 136,054,421 equity shares of face value of Rs. 10/- each ("Offered Shares") aggregating to Rs. 2000.00 crores comprising of 63,387,755 equity shares of face value of Rs. 10/- each by AP Asia Opportunistic Holdings Pte. Ltd. Aggregating to Rs. 931.80 crores , 63,843,537 equity shares of face value of Rs. 10/- each by Synergy Metals Investments Holding Limited aggregating to Rs. 938.50 crores and 8,823,129 equity shares of face value of Rs. 10/- each by State Bank of India aggregating to Rs. 129.70 crores (Collectively, "Selling Shareholders" and such offer for sale of equity shares by the selling shareholders, the "Offer for Sale"). The offer constitutes 17.96% of the post-offer paid up equity share capital of the company.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- We are among the top 10 cement companies in terms of installed capacity and sales volume as of March 31 2025
- We are India's largest manufacturer of ground granulated blast furnace slag ("GGBS") and have a proven track record of scaling up this business.
- Strategically located plants that are well-connected to raw material sources and key consumption markets.
- We have the lowest carbon dioxide emission intensity among our peer cement manufacturing companies in India and the top global cement manufacturing companies.
- Extensive sales and distribution network in India and focus on strong brand.
- Its business depends on the company ability to mine and procure sufficient limestone for its operations. The company inability to do so on reasonable terms, or at all, could have an adverse impact on its business, financial condition, and results of operations.
- A grinding unit at Sambalpur, Odisha is currently being constructed by Bhushan Power and Steel Limited, a Group Company, and post commencement of operations this unit is proposed to be transferred to Shiva Cement Limited, our Subsidiary. The Supreme Court of India pursuant to its order dated May 2, 2025 has directed for initiation of liquidation proceedings against Bhushan Power and Steel Limited, which has subsequently been stayed by the Supreme Court of India. There can be no assurance that the Sambalpur plant will commence operations within the timeline or at the planned costs and that Bhushan Power and Steel Limited will not be liquidated. Any adverse occurrence in relation to Bhushan Power and Steel Limited or in relation to the Sambalpur may significantly impact our expansion plans and financial condition.
- The company is significantly dependent on JSW Steel Limited and its subsidiaries, its related parties, for the supply of blast furnace slag (92.93% of total blast furnace slag consumed in Fiscal 2025), which is a key additive raw material used for manufacturing green cementitious products such as ground granulated blast furnace slag and blended cement. The company also purchase a part of itsrequirement of other raw materials such as fly ash and clinker from members of JSW Group. The loss of one or more such suppliers could adversely affect its business, results of operations, financial condition, and cash flows.
- The company depends on adequate and uninterrupted availability of power and fuel for its operations, and any failure to do so may have an adverse impact on the company operations.
- The company no longer consolidate JSW Cement FZC in our consolidated financial statements. As a result, financial statements and operating metrics for the Fiscal 2025 and 2024 are not directly comparable with its financial statements and operating metrics for Fiscal 2023.