Here are the full and latest details of JSW Cement Limited IPO — as publicly confirmed via company filings and regulatory announcements:
JSW Cement is part of the Sajjan Jindal‑led JSW Group, known for steel, energy, and infrastructure businesses.
Operates 7 plants across India: one integrated unit, one clinker unit, five grinding units (in Karnataka, Andhra Pradesh, Tamil Nadu, Maharashtra, West Bengal, Odisha through subsidiary Shiva Cement).
Installed grinding capacity: 20.60 MMTPA (as of March 31, 2025), along with 6.44 MMTPA clinker capacity. Expansion plan targets doubling grinding capacity to ~41–41.85 MMTPA and clinker to ~13.04 MMTPA, ultimately reaching 60 MMTPA.
JSW Cement Limited IPO Dates
- Opening Date: Aug 6, 2025
- Closing Date: Aug 11, 2025
- Allotment Date: Aug 12, 2025
- Initiation of Refunds: Aug 13, 2025
- Credit of Shares to Demat: Aug 13, 2025
- Listing Date: Aug 14, 2025
IPO Details
- Price band per share: ₹139 – ₹147 (face value ₹10 each)
- Minimum retail lot: 102 shares (₹14,178 at ₹139, ₹14,994 at ₹147)
- Total issue size: ₹3,600 crore (₹1,600 crore fresh issue + ₹2,000 crore Offer for Sale by existing shareholders)
- Fresh issue: 1,600 crore
- Issue Type: Bookbuilding IPO
- Listing At: BSE, NSE
- Share Holding Pre Issue: 1,25,45,21,399 shares
- Share Holding Post Issue: 1,36,33,64,936 shares
GMP of JSW Cement Limited IPO
The GMP is currently estimated at ₹20–₹21 per share, which corresponds to roughly a 13% premium over the upper price band of ₹147. This suggests an expected listing price around ₹167–₹168 per share.
At a Glance
| Parameter | Detail |
|---|---|
| Grey Market Premium | ₹20–₹21 per share |
| GMP as % of Upper Band | ~13% |
| Implied Listing Price | ~₹167–₹168 |
Promoters of JSW Cement Limited
Here are the promoters of JSW Cement Limited, along with concise profiles and shareholding insights drawn from its IPO disclosures:
1. Adarsh Advisory Services Private Limited
- Stake: Holds ~69.81% of the company’s pre-IPO equity.
- Type: Investment-holding company.
- Owned by: Sajjan Jindal Family Trust.
- Role: Acts as the primary promoter vehicle holding the majority stake in JSW Cement.
- Why it matters: Ensures control of the company remains with the Jindal family, even post-listing.
2. Sajjan Jindal Family Trust
- Stake: Indirect holding through Adarsh Advisory Services.
- Role: Family trust created to manage wealth and business continuity for the Jindal family.
- Purpose: Strategic succession planning and consolidated control of JSW Group companies.
3. Mr. Sajjan Jindal
- Designation: Founder & Chairman of JSW Group.
- Direct Stake in JSW Cement: ~0.03% (as per DRHP).
- Contribution: Founded JSW Cement in 2009; led aggressive expansion into South, East, and Western India.
Profile:
- Holds a degree in mechanical engineering.
- Honored with various awards for business leadership, including Ernst & Young Entrepreneur of the Year.
4. Mr. Parth Jindal
- Designation: Managing Director, JSW Cement.
- Stake in JSW Cement: ~0.35% (direct holding).
- Role in IPO: Leading strategic expansion plans including IPO, green product innovation, and global partnerships.
Profile:
- MBA from Harvard Business School.
- Bachelor’s in Economics and Political Science from Brown University, USA.
- Actively involved in business innovation, ESG efforts, and expanding the company’s green cement portfolio.
5. Mrs. Sangita Jindal
- Designation: Non-Executive Promoter.
- Stake: ~0.03% direct equity.
- Contribution to JSW Cement: Promotes environmental awareness, social development, and community-driven cement industry growth.
Profile:
- Chairperson of JSW Foundation.
- A key figure in CSR, sustainability, and heritage preservation.
- Drives philanthropic and social responsibility initiatives across the JSW Group.
JSW Cement Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 102 | ₹14,994 |
| Retail (Max) | 13 | 1,326 | ₹1,94,922 |
| S-HNI (Min) | 14 | 1,428 | ₹2,09,916 |
| S-HNI (Max) | 66 | 6,732 | ₹9,89,604 |
| B-HNI (Min) | 67 | 6,834 | ₹10,04,598 |
Key Points
- Retail investors must apply in multiples of 102 shares.
Non‑institutional applicants (HNIs) must meet higher thresholds:
- Minimum application: 14 lots (1,428 shares)
- Larger HNI applications: 67 lots (6,834 shares)
JSW Cement Limited IPO Promoter Holding
Here are the promoter holding details for JSW Cement Limited as it goes public via its IPO:
| Description | 📉 Holding (%) |
|---|---|
| Pre‑IPO Promoter Holding | ~78.62% |
| Post‑IPO Promoter Holding | ~72.33% |
Pre-IPO (~78.6%)
- Before the public issue, the promoters collectively hold around 78.6% of JSW Cement, as disclosed in the IPO prospectus.
Post-IPO (~72.3%)
- After the IPO, promoter shareholding is expected to decline moderately, remaining at approximately 72.33%, indicating that strong promoter control will persist even after listing.
About JSW Cement Limited
Established in 2006, JSW Cement began operations in 2009, launching its first grinding plant in Vijayanagar, Karnataka.
It is part of the JSW Group, a USD 23+ billion conglomerate with offerings in steel, energy, infrastructure, paints, and more.
Products & Operations
- Focuses on “green cement”, including Portland Slag Cement (PSC), OPC, GGBS, clinker, ready-mix concrete, construction chemicals, and waterproofing compounds.
Operates integrated and grinding units across:
- Vijayanagar (Karnataka)
- Nandyal (Andhra Pradesh)
- Salboni (West Bengal)
- Jajpur (Odisha)
- Dolvi (Maharashtra)
- Subsidiary Shiva Cement in Odisha
- Also maintains a clinker unit in Fujairah, UAE
Expansion Strategy & Market Reach
- Strong geographic presence across southern, eastern, and western India; Rajasthan expansion underway with ₹30 billion investment for northern footprint targeting NCR, Punjab, and Haryana markets.
- Driven by captive limestone mines in Andhra Pradesh (Kurnool) and reserves in Rajasthan, Chhattisgarh, Gujarat, Kutch, and Fujairah, UAE. This provides a cost edge and supply security.
In Summary
JSW Cement Limited is a fast-growing, green cement-focused subsidiary of JSW Group. With a 20.6 MMTPA capacity and strong presence across India, it’s scaling rapidly toward a target of ~40–41 MMTPA. Supported by strong financials, a unique sustainable focus, raw material control and strategic infrastructure investments (notably in Rajasthan), JSW Cement is positioned as a formidable mid-tier cement player set to compete with industry giants.
JSW Cement Limited Financial Information
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹12,003.94 Crore | ₹11,318.91 Crore | ₹10,218.61 Crore |
| Total Income | ₹5,914.67 Crore | ₹6,114.60 Crore | ₹5,982.21 Crore |
| Profit After Tax | ₹-163.77 Crore | ₹62.01 Crore | ₹104.04 Crore |
| EBITDA | ₹815.32 Crore | ₹1,035.66 Crore | ₹826.97 Crore |
| Net Worth | ₹2,352.55 Crore | ₹2,464.68 Crore | ₹2,292.10 Crore |
| Reserves and Surplus | ₹1,287.31 Crore | ₹1,399.06 Crore | ₹1,296.66 Crore |
| Total Borrowing | ₹6,166.55 Crore | ₹5,835.76 Crore | ₹5,421.54 Crore |
Key Highlights
- Revenue Growth: Grew modestly by ~3.3% YoY in 2024 to ₹6,028 crore, from ₹5,837 crore in 2023.
- Profitability Slide: PAT declined sharply—down to ₹62 crore in 2024, versus ₹104 crore in 2023 and ₹233 crore in 2022.
- EBITDA Improvement: Operating EBITDA rose ~36.9% YoY to ₹1,035.7 crore, boosting margins to ~17.2%.
Key Performance Indicators (KPI)
| KPI | Values |
|---|---|
| ROE | -6.90 |
| ROCE | 7.05% |
| Debt/Equity | 0.98 |
| RoNW | -4.85% |
| PAT Margin | -2.77% |
| EBITDA Margin | 13.78% |
| Price to Book Value | 6.16 |
Strengths of JSW Cement Limited IPO
Strong Promoter Group (JSW Group):
Backed by the reputable JSW Group, a $23+ billion conglomerate with deep industry presence in steel, energy, and infrastructure. This offers financial stability and cross-sector synergy.
Green Cement Leadership:
JSW Cement focuses on environmentally sustainable products like Portland Slag Cement (PSC) and Ground Granulated Blast-furnace Slag (GGBS), appealing to ESG-focused investors and infrastructure buyers.
Strategic Plant Locations:
Plants are well-positioned near raw materials (e.g., steel slag, limestone) and demand centers. This lowers logistics costs and ensures high operational efficiency.
Robust Capacity Expansion Plan:
Current grinding capacity of ~20.6 MTPA is expected to double to ~41 MTPA, indicating strong future growth and ambition to become a pan-India player.
Improved Operating Margins:
EBITDA improved significantly in 2024 (~17.2%), suggesting better operational control despite input cost pressures.
Risks of JSW Cement Limited IPO
High Leverage and Debt Burden:
Debt-to-equity ratio is high (~2.4×), which could strain profits in high-interest environments and limit funding flexibility.
Intensely Competitive Market:
Competes with industry giants like UltraTech, Ambuja, and Shree Cement. Price wars and regional overcapacity could impact growth.
Dependency on Steel Plant Slag:
A large portion of raw materials comes from JSW Steel. Any disruption in steel production could impact cement input availability.
Execution Risk on Capacity Expansion:
Rapid expansion from 20.6 to 40+ MTPA involves heavy capital outlay, regulatory approvals, and timely commissioning risks.
IPO Dilution & Post-listing Volatility:
Promoters’ stake reduces from 78.6% to ~72.3%. If IPO is overpriced or market sentiment weakens, post-listing performance may be subdued.
JSW Cement Limited Contact Details
Here are the official contact details for JSW Cement Limited, including investor relations, corporate headquarters, and customer support:
Corporate & Registered Office
JSW Cement Limited
CIN: U26957MH2006PLC160839
Address: JSW Centre, Bandra Kurla Complex,
Bandra (East), Mumbai 400051, Maharashtra, India
Investor Relations Contact
- Company Secretary & Compliance Officer: Sneha Bindra
- 📧 Email: secretarial.jswcl@jsw.in
- 📞 Tel: +91 22 4286 3115
- Investor Grievance Registrar: KFin Technologies Limited
- 📧 Email: jswcement.ipo@kfintech.com
- 📞 Tel: +91 40 6716 2222
General & Customer Care
- Toll‑Free (India): 1800‑266‑2661
- General Email: info@jswcement.in
- Office Hours: 10 AM – 6 PM (Mon to Sat)
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