JSW Cement IPO sees modest demand, fully booked on Day 3; GMP flat

JSW Cement IPO attracted bids for 221.4 million equity shares compared to 181.29 million shares on offer, resulting in overall subscription rate of only 1.22 times.

JSW Cement IPO subscription status Day 3: The initial public offering (IPO) of JSW Cement, part of the diversified JSW Group, will close for public subscription today, August 11, 2025. The ₹3,600 crore public issue opened for subscription on Thursday, August 7, and has seen a lacklustre response from investors. However, it managed to sail through the full subscription mark on the last day of bidding.

 

As of 12:45 PM on Monday, data from the National Stock Exchange (NSE) shows that the IPO attracted bids for 221.4 million equity shares compared to 181.29 million shares on offer. This translates to an overall subscription rate of only 1.22 times.

 

Among the individual categories, non-institutional investors (NIIs) placed the highest number of bids, oversubscribing their reserved category by 1.64 times. This was followed by qualified institutional buyers (QIBs), who bid 1.11 times, and the retail investors portion was booked at only 1.1 times. 

JSW Cement IPO GMP

On the final day of subscription, JSW Cement’s unlisted shares were commanding a marginal premium in the grey market. Sources tracking unofficial market activity revealed the shares were trading at ₹151 per share, reflecting a GMP of only ₹4 or 2.7 per cent, over the upper end of the price band of ₹139 to ₹147.

JSW Cement IPO Review

Analysts at Canara Bank Securities and Anand Rathi Research recommend subscribing to the issue, citing the company's growth potential, sustainability focus, and strategic alignment within the JSW Group. AUM Capital has also assigned a Subscribe rating to the issue. READ MORE

JSW Cement IPO details

The public offering of JSW Cement comprises a combination of a fresh issue of 108.8 million equity shares and an offer-for-sale (OFS) of 136.1 million shares. 

 

The IPO is priced in the range of ₹139-147 per share, with a lot size of 102 shares. Investors can bid for a minimum of 102 shares and in multiples thereof. A retail investor would need a minimum of ₹14,994 to bid for one lot at the upper end price. The maximum limit for retail investors is 13 lots (1,326 shares), amounting to an investment of ₹1,94,922. 

 

As the IPO closes for subscription today, the basis of allotment is expected to be finalised on Tuesday, August 12. Shares are expected to be credited to investors’ demat accounts on Wednesday, August 13. JSW Cement shares are tentatively set to list on the BSE and NSE on Thursday, August 14. 

 

Kfin Technologies is the registrar of the issue. Axis Capital, JM Financial, Citigroup Global, DAM Capital, Goldman Sachs (India), Jefferies India, Kotak Mahindra Capital, and SBI Capital Markets are the book-running lead managers. 

 

According to the red herring prospectus, the company plans to use the net fresh issue proceeds for setting up a new integrated cement plant in Nagaur (Rajasthan), repayment of debt and general corporate purposes.