JSW Cement IPO opens on August 7: Check price band, financials and other key details of the ₹3,600 crore public issue

JSW Cement IPO will launch its ₹3,600-crore initial public offering (IPO) on August 7. The company is part of the Sajjan Jindal-promoted diversified JSW Group. The IPO will remain open for subscription till August 11. This public issue is a combination of a fresh issue and an offer-for-sale of over 24.4 crore shares.

Incorporated in 2006, JSW Cement Limited is a part of the JSW Group and the largest manufacturer of ground granulated blast furnace slag (GGBS), with a market share of 84% in FY25. GGBS is an eco-friendly product produced entirely from blast furnace slag, which is a by-product in the steel manufacturing process.

JSW Cement IPO details

JSW Cement IPO aims to raise ₹3,600 crore through its public issue. The issue is 100% book-built and made up of a fresh issuance of 10.8 crore shares worth ₹1,600 crore and an offer-for-sale (OFS) component worth ₹2,000 crore.

The company has fixed the price band of the issue at ₹139 to ₹147 per share. The lot size, or the minimum bid quantity to apply for the issue, is 102 shares. This equates to a minimum investment amount of ₹14,994 per lot at the upper end of the price band for retail investors.

JSW Cement has appointed JM Financial Limited as the book-running lead managers of the IPO, while Kfin Technologies is the registrar for the issue.

JSW Cement IPO: Important dates

JSW Cement IPO will remain open for bidding from 7 to 11 August. After the bidding is closed, the allotment of shares is expected to be finalised on August 12.

Successful bidders can expect the shares to be credited to their demat accounts by August 13, with others receiving refunds on the same day. JSW Cement shares are scheduled to list on the BSE and NSE on August 14.

JSW Cement IPO objective

• Capital expenditure: The company will use ₹800 crore to establish a new integrated cement unit.
• Repayment of loans: The company will utilise ₹520 crore towards repayment or prepayment of borrowings.
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes.

About the company

JSW Cement’s green cement products, which include cement with GGBS, Portland slag cement, Portland composite cement, and others, constituted 77.41% of sales volume in FY25.

As of March 31, 2025, the company operates with an installed grinding capacity of 20.60 MMTPA, consisting of 11 MMTPA, 4.50 MMTPA, and 5.10 MMTPA in the southern, western, and eastern regions of India, respectively, along with an installed clinker capacity of 6.44 MMTPA. For the period from FY23 to FY25, the company's installed grinding capacity grew at a CAGR of 12.42%, and sales volume grew at a CAGR of 15.05%, outpacing the industry average CAGR of 6.23% for installed capacity and 8.12% for sales volume.

To ensure a consistent supply of limestone, JSW Cement has rights to mine across 11 limestone mines in India with an aggregate limestone residual reserve of 1,089.09 MMT as of March 31, 2025, of which four limestone mines are currently operational.

As of March 31, 2025, the distribution network comprises 4,653 dealers, 8,844 sub-dealers, and 158 warehouses, along with 6,559 direct customers in the non-trade channel, including builders and institutional customers. It operates seven plants in India across Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, West Bengal, and Odisha. The company sold a total volume of 12.64 MMT in FY25, comprising 7.09 MMT of cement and 5.18 MMT of GGBS, with a grinding capacity utilisation rate of 62.89% and a clinker capacity utilisation rate of 84.30%.

India’s cement industry is expected to witness strong growth between FY25 and FY30, driven by infrastructure, housing (both rural and urban), and ready-mix concrete (RMC) demand. Pan-India cement consumption is projected to rise from 467 MMT in FY25 to 670–680 MMT by FY30, reflecting a CAGR of 7.5%–8.5%, while demand for GGBS is expected to grow even faster at 14%–15% CAGR. Segment-wise, infrastructure demand is forecasted to grow at 8.5%–9.5% CAGR, RMC at 9%–10%, and rural housing at 7%–8%.

In this backdrop, markets in the North and Central India regions where JSW Cement is expanding have shown consistent capacity utilisation above 85%, suggesting strong ongoing demand.

The company also plans to increase its grinding capacity from 20.6 MMTPA to 41.85 MMTPA and clinker capacity from 6.44 MMTPA to 13.04 MMTPA, with new plants planned in key high-growth states such as Rajasthan, Punjab, Uttar Pradesh, Madhya Pradesh, Maharashtra, and Odisha.

Financial snapshot:

Strengths and opportunities

• Rapid capacity and volume growth outpacing industry: JSW Cement is among the top 3 fastest-growing cement manufacturers in India (FY15–FY25), with installed grinding capacity growing from 6.09 MTPA to 20.60 MTPA at a 12.96% CAGR, compared to the industry average of 4.77%. Total volume sold grew from 2.69 MMT to 12.64 MMT during the same period, at a CAGR of 16.73%, well above the 6.15% industry average. This growth highlights the company’s strong execution capability and demand-led expansion strategy.
• Market leadership in the GGBS segment: JSW Cement is India’s largest manufacturer of Ground Granulated Blast Furnace Slag (GGBS), commanding an ~84% market share in FY25. GGBS made up over 41% of total volume sold, with volumes reaching 5.18 MMT and a customer base of 2,171, growing steadily year-on-year. The company is well-positioned to capitalise on the sector’s expected 14-15% CAGR through FY30.
• Extensive sales & distribution network: With a wide reach of 4,653 dealers, 8,844 sub-dealers, and 6,559 direct customers, the company serves both trade and institutional segments. A network of 57,000+ influencers (masons, architects, and contractors) and regional marketing initiatives further reinforce demand pull.

Risks and threats

• Exposure to mining risks: In FY25, 40.58% of limestone was sourced from its UAE mine, which operates under an annually renewable permit, subject to potential government reassignment. Legal disputes over mines in Andhra Pradesh and Karnataka, pending mining lease executions, further add to operational risk.
• High raw material dependency: JSW Cement is significantly reliant on JSW Steel Limited and its subsidiaries for the supply of blast furnace slag- a key input for its green cement products. In FY25, 92.93% of total slag consumed was sourced from JSW Steel, posing a single-supplier risk. Any disruption or pricing conflict could materially impact production costs and supply continuity.