JSW Cement Limited is coming up with an IPO consisting of a fresh issue of shares worth INR 2,000 crores and an offer to sell existing shares worth INR 2,000 crores. The company aims to finance a new cement unit, repay borrowings, and support general corporate purposes.
JSW Cement IPO – Important Dates
| JSW Cement Limited IPO Date | January 20, 2025 to January 22, 2025 |
| JSW Cement Limited IPO Listing Date | January 27, 2025 |
| JSW Cement Limited IPO Price | INR 325-327 per share |
| JSW Cement Limited IPO Lot Size | Yet to be announced |
| JSW Cement Limited IPO Total Issue Size | INR 4000 crores |
| JSW Cement Limited IPO Basis of Allotment | January 23, 2025 |
| JSW Cement Limited IPO Initiation of Refunds | Yet to be announced |
| JSW Cement Limited IPO Credit of Shares to Demat | Yet to be announced |
| JSW Cement Limited IPO Issue Type | Book Built Issue IPO |
| JSW Cement Limited IPO Listing At | BSE NSE |
Read more about JSW Cement IPO GMP
JSW Cement Limited IPO – Company Profile
JSW Cement Limited is India’s largest manufacturer of GGBS, with a significant market share. Its green cement products, including GGBS, PSC, and PCC, make up the majority of sales, maintaining a low clinker-to-cement ratio.
Starting operations in 2009, JSW Cement has expanded across India and the UAE, offering a range of cementitious products. It operates multiple plants and secures raw materials through limestone mines and long-term supply contracts.
With plants located near limestone mines and steel plants, JSW Cement ensures cost-effective sourcing of raw materials and efficient distribution. Strategic connectivity by road and rail enables effective service to key markets across regions.
JSW Cement Ltd IPO Fundamental Analysis
JSW Cement Limited’s financial analysis reveals a mixed performance. Revenue has increased steadily, reflecting growth, while equity, liabilities, and assets also show positive trends. However, profitability, EPS, and RoNW have declined, raising concerns.
- Revenue Trend: The revenue increased from ₹46,685.70 millions in March 2022 to ₹58,367.24 millions in March 2023. The revenue for the current year’s 12-month period ending March 2024 is INR 60,281.03 million.
- Equity and Liabilities: Both equities and liabilities have shown a consistent increase over the periods, reflecting potential growth and expansion.
- Profitability: The profit after tax (PAT) has significantly decreased from ₹2,326.49 million in March 2022 to ₹620.13 million by March 2024. This decline in profitability could be a source of concern among investors.
- Earnings per Share (EPS): The diluted EPS has reduced from ₹2.46 in March 2022 to ₹0.90 by March 2024, reflecting lower earnings per share for investors.
- Return on Net Worth (RoNW): The RoNW has decreased from 11.46% to 3.64%, indicating a decrease in the company’s ability to generate returns on shareholder equity.
- Financial Position: Total assets have increased, suggesting potential business growth.
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JSW Cement IPO Financial Analysis
| Particular | As of 31 March 2022 | As of 31 March 2023 | As of 31 March 2024 |
| Revenue (₹ in millions) | 46,685.70 | 58,367.24 | 60,281.03 |
| Equity (₹ in millions) | 21,120.26 | 22,407.43 | 23,854.82 |
| Expenses (₹ in millions) | 44,654.89 | 58,386.77 | 58,082.10 |
| Profit and Loss After Tax (₹ in millions) | 2,326.49 | 1,040.38 | 620.13 |
| Diluted EPS only (₹) | 2.46 | 1.37 | 0.90 |
| Return on Net Worth (%) | 11.46 | 5.97 | 3.64 |
| NAV per Equity Share (₹) | 21.60 | 23.24 | 24.99 |
| Total Assets (in millions) | 92,725.07 | 102,186.12 | 113,189.06 |
| Total Liabilities (₹ in millions) | 71,604.81 | 79,778.69 | 89,334.24 |
JSW Cement Limited IPO Peer Comparison
JSW Cement Limited shows steady revenue, but its profitability and return on net worth are lower compared to competitors like UltraTech, Shree Cement, and JK Cement, which exhibit higher earnings and returns on equity.
| Company | Revenue from operations (₹ in millions) | Face Value per Equity Share (₹) | P/E Ratio | EPS (Basic) (₹) | EPS (Diluted) (₹) | RoNW (%) | Net AssetValue per Equity Share (₹ per share) |
| JSW CementLimited | 60,281.03 | 10 | – | 0.91 | 0.9 | 3.64 | 24.99 |
| UltraTech Cement Limited | 7,09,081.40 | 10 | 46.55 | 243.05 | 242.87 | 11.63 | 2,089.69 |
| Ambuja Cements Limited | 3,31,596.40 | 2 | 37.93 | 17.99 | 16.67 | 8.63 | 208.53 |
| Shree Cement Limited | 2,05,209.80 | 10 | 36.57 | 663.98 | 663.98 | 11.57 | 5,737.94 |
| Dalmia Bharat Limited | 1,46,910.00 | 2 | 39.57 | 44.05 | 44.03 | 5.04 | 874.41 |
| JK Cement Limited | 1,15,560.00 | 10 | 41.31 | 102.35 | 102.35 | 14.73 | 694.61 |
| The Ramco Cements Limited | 93,763.50 | 1 | 50.66 | 15.77 | 15.77 | 4.97 | 317.20 |
| India Cements Limited | 51,122.40 | 10 | NA | (7.32) | (7.32) | NA | NA |
JSW Cement Ltd IPO Objective
The main objective of JSW Cement Limited is to part-finance the establishment of a new integrated cement unit in Nagaur, Rajasthan, and to prepay or repay outstanding borrowings in whole or in part.
- Part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan: The company intends to utilize INR 800 crores from the net proceeds to part-finance the Nagaur Project, which involves setting up an integrated cement unit with clinker and grinding capacity, estimated at INR 2,697.25 crores.
- Prepayment or repayment, in whole or in part, of all or a portion of certain outstanding borrowings availed by the company: The company plans to utilize INR 720 crores from the net proceeds towards full or partial repayment of particular loans, aiming to reduce outstanding indebtedness, lower debt servicing costs, and improve the debt-to-equity ratio.
General corporate purposes: The company will deploy funds for general corporate purposes, including strategic initiatives, funding growth opportunities, strengthening marketing capabilities, meeting working capital requirements, investing in subsidiaries, and covering business expenses and consultancy fees.
JSW Cement IPO Risks And Challenges
JSW Cement Limited’s risk includes potential disruptions in limestone mining operations, reliance on JSW Steel for blast furnace slag, and power supply volatility. Legal disputes, fuel cost fluctuations, and supplier dependency could impact business and profitability.
- The company operates limestone mines in India and Fujairah, with long-term leases and rights for extraction. Legal disputes and potential disruptions, such as land acquisition or lease disagreements, could impact mining operations and expansion plans.
- The company relies heavily on JSW Steel Limited and its subsidiaries for blast furnace slag, a critical raw material for green cement. Losing these suppliers could negatively impact business, operations, financial condition, and cash flows.
- The company relies on state electricity boards and thermal power plants for power, with significant fuel costs. Power and fuel expenses impact profitability. Disruptions or price volatility may affect operations, though the Marwatola VI coal block aims to mitigate costs.
JSW Cement Ltd IPO – Industry & Market Potential
The cement industry is expected to add 210-220 MTPA of grinding capacity between Fiscal 2025-2029, with large and mid-sized players contributing 95%. Operating rates may dip slightly in Fiscal 2025, then rise to 74-76% by 2029.
Indian manufacturers are shifting to renewable energy, with coal-based power capacity additions dropping to 32-33 GW from ~34 GW (2018-2022). Cement players have added ~600 MW of renewable capacity, with top firms targeting full renewable energy use by 2050.
Blast furnace slag, primarily used in cement manufacturing, accounted for 65-70% of consumption in India’s cement industry in Fiscal 2024. With growing demand for GGBS, its share in total slag consumption is expected to rise by Fiscal 2028.
JSW Cement Limited IPO – Type of Offer
JSW Cement Limited plans a fresh issue of shares, seeking INR 2,000 crores to finance a new cement unit, repay borrowings, and support general corporate purposes. Additionally, the company proposes an offer to sell existing shares worth INR 2,000 crores.
- Fresh Issue: The company will issue new shares to raise capital, aiming to collect INR 2,000 crores. The company intends to utilize the proceeds from the fresh issue to finance a new cement unit, repay borrowings, and support general corporate purposes.
- Offer for sale: JSW Cement Limited is offering to sell existing shares worth INR 2,000 crores.
JSW Cement IPO Offer Size
The offer size of JSW Cement Limited is INR 4,000 crores, consisting of a fresh issue of shares worth INR 2,000 crores and an offer to sell existing shares worth INR 2,000 crores. The company aims to finance a new cement unit, repay borrowings, and support general corporate purposes.
JSW Cement Limited IPO Allotment Structure
JSW Cement Limited’s allocation will be as follows: 50% for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Individual Investors (RII) according to SEBI regulations.
● Qualified Institutional Buyers (QIB): As per SEBI regulations, 50% of the shares offered through the IPO will be reserved for Qualified Institutional Buyers. These include entities such as banks, mutual funds, and insurance companies.
● Non-Institutional Investors (NII): 15% of the shares will be reserved for Non-Institutional Investors. These typically include corporate bodies or individuals investing more than Rs.2 lakhs.
● Retail Individual Investors (RII): The remaining 35% of the shares will be allotted to Retail Individual Investors. These individual investors apply for shares with a total value of less than Rs.2 lakhs.
How to apply for the JSW Cement IPO?
To apply for the JSW Cement Limited IPO through Alice Blue, follow these steps:
Open a Demat and Trading Account: If you don’t have one already, you must open a Demat and trading account with Alice Blue.
- Check for IPO Details: Once your account is active, you can check for the JSW Cement Limited IPO details in the IPO section of the Alice Blue platform.
- Place the Bid: Enter the number of shares you wish to buy and place your bid within the IPO’s price band.
- Submit the Application: Confirm all your details and submit your application.
You can apply for the JSW Cement Limited IPO at Alice Blue in just a few clicks!
Check Allotment Status: After the allotment process, you can check the allotment status to see if you have received any shares.
Please note that the allotment of shares is not guaranteed and will depend on the demand for the IPO.
How do you check JSW Cement IPO Allotment Status?
Checking the allotment status of an IPO in Alice Blue is usually straightforward. Please follow these general steps:
- Log in to your Alice Blue Account: You can do this through the Alice Blue website or the trading app.
- Navigate to the Portfolio or IPO Section: This might differ based on the layout of Alice Blue’s platform, but generally, you can find the status of your IPO application under the ‘Portfolio’ or ‘IPO’ section.
- Find the IPO Allotment Status: Look for a sub-section called ‘IPO Allotment Status’ or something similar. This is where you can see the status of the IPOs you have applied for.
- Select the JSW Cement Limited IPO: If you have applied for multiple IPOs, there might be a dropdown menu or a list where you can select the IPO you are interested in. Select the JSW Cement Limited IPO.
- Check the Status: The status of your application should be displayed here. If the shares have been allocated to you, it would be mentioned here.
If you face any issues, we request you reach out to our customer support team at Alice Blue for detailed assistance.
Apart from Alice Blue, there are other ways to check the allotment status of the JSW Cement Limited IPO:
● Registrar’s Website: Visit the website of KFin Technologies Limited, the registrar of the JSW Cement Limited IPO. On the homepage, look for the ‘IPO Allotment Status’ option. You must enter your PAN, application, or Demat account number to check your allotment status. Click on the ‘Submit’ button to view your IPO allotment status.
● BSE NSE: You can also check the allotment status on the official websites of the Bombay Stock Exchange (BSE) National Stock Exchange (NSE). You would need your application number and PAN to check the status.
Please note that the allotment status will only be available after completing the allotment process, a few days after the IPO window closes.
JSW Cement Ltd IPO Offer Registrar
The registrar for the JSW Cement Limited IPO is KFin Technologies Limited. They are responsible for ensuring the IPO allotment and refund processes are carried out smoothly.
Contact information for the registrar:
KFin Technologies Limited Selenium,
Tower-B, Plot No. 31 and 32 Financial
District Nanakramguda, Serilingampally
Hyderabad 500 032 Telangana, India
Tel: +91 40 6716 2222
E-mail: [email protected]
Website: www.kfintech.com
JSW Cement IPO – FAQs
1. What is the allotment date of the JSW Cement IPO?
The allotment date of the JSW Cement is January 23, 2025.
2. What is the price band of the JSW Cement IPO?
The price band of the issue is INR 325-327 per share.
3. What is the size of the JSW Cement IPO?
The offer size of JSW Cement Limited is INR 4,000 crores, consisting of a fresh issue of shares worth INR 2,000 crores and an offer to sell existing shares worth INR 2,000 crores. The company aims to finance a new cement unit, repay borrowings, and support general corporate purposes.
4. What is the listing date of the JSW Cement IPO?
The listing date of the JSW Cement is 27 December, 2025.
5. Where is the JSW Cement IPO Getting Listed?
JSW Cement is getting listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
6. What are the open and close dates of the JSW Cement Limited IPO?
The open and close dates of the JSW Cement Limited are January 20, 2025 and January 22, 2025.
7. How to apply for the JSW Cement Ltd IPO in Alice Blue?
To apply for the JSW Cement Limited IPO through Alice Blue, open a Demat and trading account, check IPO details, place your bid within the price band, and submit your application. After allotment, you can check your status. Allotment depends on demand.
8. Who are the Book Runners for the JSW Cement IPO?
The Book Runners for the JSW Cement are 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.
