JSW Cement, the building materials arm of the JSW Group, made its stock market debut on August 14, 2025, with shares listing at ₹153.50 on the NSE—a 4.42% premium over the IPO price of ₹147. On the BSE, the stock opened at ₹153, marking a 4.08% gain. While the listing was in line with grey market expectations, the post-listing performance was subdued, with the stock slipping slightly below its opening price during intraday trade.
IPO Overview: Strong Demand, Moderate Listing
JSW Cement’s ₹3,600 crore IPO was a mix of:
- ₹1,600 crore fresh issue
- ₹2,000 crore offer for sale (OFS) by existing investors
The IPO was subscribed 7.77 times overall, with strong demand from:
- Qualified Institutional Buyers (QIBs): 15.8x
- Non-Institutional Investors (NIIs): 10.97x
- Retail Investors: 1.81x
The company raised ₹1,080 crore from anchor investors ahead of the listing, including marquee domestic and global institutions.
Business Profile: Green Cement Leader with Expansion Plans
Founded in 2009, JSW Cement is among India’s fastest-growing cement manufacturers. It operates seven plants across India with an installed grinding capacity of 20.6 million tonnes per annum. Its product portfolio includes:
- Portland Slag Cement (PSC)
- Ground Granulated Blast Furnace Slag (GGBS)
- Clinker and blended cements
JSW Cement holds an 84% market share in GGBS, positioning itself as a key player in India’s sustainable infrastructure push.
Use of IPO Proceeds
The company plans to deploy the fresh capital as follows:
- ₹800 crore for a new integrated cement unit in Nagaur, Rajasthan
- ₹520 crore for debt repayment
- Remaining for general corporate purposes
As of March 2024, JSW Cement’s total debt stood at ₹5,835.76 crore.
Valuation and Market Cap
- Post-issue market capitalization: ₹20,041 crore
- Valuation: ~36.7x EV/EBITDA (FY25), considered aggressively priced by analysts
Expert Views: Buy, Sell, or Hold?
Hold for Long-Term Gains
Narendra Solanki, Head of Research at Anand Rathi, recommends holding the stock: “JSW Cement’s synergies with the JSW Group, strategic plant locations, GGBS focus, and capacity expansion support long-term profitability.”
Caution on Valuation
While the company’s fundamentals are strong, analysts caution that the IPO was fully priced in, and short-term upside may be limited unless earnings growth accelerates.
Conclusion: What Should Investors Do?
JSW Cement’s listing reflects investor confidence in its green cement leadership and expansion strategy. However, given the premium valuation and muted post-listing performance, investors should consider the following:
New investors should monitor Q2 results and execution updates before making fresh allocations
Long-term investors may hold, especially if aligned with infrastructure and sustainability themes
Short-term traders may wait for technical confirmation or price stability before entering
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