JSW Cement IPO: Price Band, Lot Size, Issue Size & Long-Term View
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Blogs / IPO Note / JSW Cement Limited IPO: Price Band, Lot Size, Issue Size & Long-Term Investment View
By Sushil Finance
7 August 2025 • 10 MINUTES READ
JSW Cement

JSW Cement Limited IPO: Price Band, Lot Size, Issue Size & Long-Term Investment View

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IPO Details

Issue Opening Date: August 7, 2025
Issue Closing Date: August 11, 2025
Issue Size: ₹ 3,600 Cr (@ upper band Rs. 147)
Structure: Fresh Issue ₹ 1,600 Cr
Price Band: ₹ 760 – ₹ 800 per share
OFS: ₹ 2,000 Cr
Price Band: ₹ 139 – ₹ 147 per share
Face Value: ₹ 10
Lot Size: 102 shares & multiples thereafter

Application Amounts
Retail Min: ₹ 14,994
Retail Max: ₹ 1,94,922 (1,326)
Small HNI: ₹ 2,09,916 (1,428)
Big HNI: ₹ 10,04,598 (6,834)

Our View
Long Term investment for High Risk Investors

Company Overview

JSW Cement, part of the JSW Group, is among the top three fastest-growing cement companies in India (2015–2025). It ranks among the top 10 cement companies in India by capacity and sales volume (FY25). Installed Grinding Capacity stands at 20.60 MMTPA across southern, western, and eastern India, with rights to 11 limestone mines.

It is India’s largest manufacturer of ground granulated blast furnace slag (GGBS), with an 84% market share in FY25. The company operates 7 plants in India and 1 clinker unit in the UAE, and maintains the lowest CO₂ emission intensity among peers.


Key Highlights

India’s largest manufacturer of GGBS with proven scale-up track record
Top 10 cement company in capacity and volume
Strategically located plants with logistics advantage
Lowest CO₂ emission intensity among peers globally
Strong distribution network and brand presence
Part of the reputed JSW Group

Objects of the Issue

Establishing new integrated cement unit at Nagaur, Rajasthan (₹800 Cr.)
Repayment/prepayment of borrowings (₹520 Cr.)
General corporate purposes
OFS ₹2,000 Cr (no proceeds to company)

Our View & Risks

JSW Cement focuses on sustainable “green cement.” Expansion plans aim to double grinding and clinker capacity, creating a pan-India footprint.

Risks: Highly regulated industry, high debt, geographic concentration, raw material supply risk, limestone dependency, and project execution challenges.


Financial Snapshot & Valuation

FY25 Revenue: ₹5,813 Cr.
PAT: -₹163.77 Cr.
EBITDA: ₹815.33 Cr.
EBITDA margin: 13.78%. ROCE: 7.05%
ROE: -6.9%
Debt/Equity: 0.98x. Profitability has declined due to expansion and cost pressures.

The IPO is priced at P/BV 6.16 (NAV Rs. 23.85). Asking price implies negative P/E. Only suitable for cash-rich, high-risk investors seeking long-term exposure to India’s infrastructure and green projects theme.

Quick FAQs — JSW Cement IPO

What are the IPO dates and lot size?
Opens Aug 7, 2025
Closes Aug 11, 2025
Lot size 102 shares.
What is JSW Cement’s capacity expansion plan?
Plans to expand grinding capacity from 20.60 to 41.85 MMTPA and clinker capacity from 6.44 to 13.04 MMTPA.
What is Sushil Finance’s recommendation?
Long Term investment for High Risk Investors.

Brief Financials

PARTICULARS ₹ in Million
FY ‘25 FY ’24 FY ‘23
Total Income 59,146.65 61,145.96 59,822.09
Total Expenditure 58,598.35 58,082.10 58,386.77
EBITDA 8,153.23 10,356.56 8,269.65
Profit before Tax (436.43) 2,243.58 1,248.44
Profit after Tax (1,637.69) 620.13 1,040.38
E.P.S. (Diluted) (1.16) 0.90 1.37
P/E (x) (Diluted) - - -
RONW (%) (4.85) 3.64 5.97

PRICE CHART (@ ₹ 147) (Retail Category)

LOT SIZE
Amount
102 14,994
204 29,988
306 44,982
408 59,976
510 74,970
612 89,964
714 104,958
816 119,952
918 134,946
1,020 149,940
1,122 164,934
1,224 179,928
1,326 194,922

HNI Payment Chart

Category
No. of Shares Minimum Bid Lot Amount (Rs.)
Small HNI 1,428 209,916
Big HNI 6,834 1,004,598

Indicative Time Table

Tentative Events
Indicative Dates
Finalisation of Basis of Allotment with the Designated Stock Exchange 12/8/2025
Initiation of refunds/unblocking ASBA Fund 13/8/2025
Credit of Equity Shares to demat accounts of Allottees 13/8/2025
Commencement of trading of the Equity Shares on the Stock Exchanges 14/8/2025




Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.


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