JSW Cement shares climb nearly 3% on day 2, trades above its IPO issue price

JSW Cement’s shares bounced back on Monday, rising nearly 3% on the National Stock Exchange (NSE). With this, the stock moved above its issue price of ₹147, after making its market debut last week.

Shares of JSW Cement settled 2.76% higher at ₹150.10 apiece on the NSE. Its market capitalisation stands at ₹20,464.11 crore.

The stock listed at ₹153.50 per share on the National Stock Exchange (NSE) on August 14, reflecting a premium of 4.42% over the issue price of ₹147. But it ended at ₹146.07 apiece.

On the BSE, it started trading at ₹153, up 4.08%. Later, it lost momentum and closed at ₹146.05, down 0.65%.

Since markets remained closed on Friday due to the Independence Day holiday, Monday was effectively the stock’s second day of trading.

This rebound pushed JSW Cement’s shares back into positive territory after the initial drop.

JSW Cement’s ₹3,600 crore IPO opened with a 4% premium but soon lost steam, giving up early gains despite exceeding grey-market cues. The issue was subscribed 7.77 times, driven by QIBs at 15.8 times, NIIs at 10.97 times, and retail investors at 1.81 times.

JSW Cement IPO, with a price band at ₹139 to ₹147 per share, aimed to raise ₹3,600 crore through a fresh issuance of shares aggregating to ₹1,600 crore and an OFS of ₹2,000 crore.

Under the OFS, AP Asia Opportunistic Holdings Pte Ltd, Synergy Metals Investments Holding Ltd and State Bank of India divested their stake.

The IPO proceeds will be used to part-finance a new integrated cement facility at Nagaur, payment of debt and general corporate purposes.

JSW Cement is the largest producer of ground granulated blast furnace slag, with a market share of 84% in the financial year 2024-25.