As the JSW Cement IPO enters its second day of bidding on August 8, 2025, the issue has received an overall subscription of 29%, representing a moderate start to the offering with potential for the participation to improve as the offer receives bids. The company, which is backed by the diversified JSW Group, is proposing to raise a total of ₹3,600 crore by combining the fresh issue and Offer-for-Sale (OFS).
Retail Individual Investors (RIIs) have displayed relatively stronger interest at 36% subscribed in the retail segment, Qualified Institutional Buyers (QIBs) had 23% subscription in the QIB segment, and Non-Institutional Investors (NIIs) covered approximately 20% of their allotted shares.
The IPO, which opened on August 7, is set to close on August 11. The price band has been set at ₹139-₹147 per share, with the company’s valuation touching approximately ₹20,000 crore at the upper price point.
Before its public opening, JSW Cement successfully raised ₹1,080 crore through its anchor investors. There was substantial demand for the pre-IPO placement from several large international and domestic financial institutions, such as Nomura, Goldman Sachs, the Government of Singapore, Abu Dhabi Investment Authority, Morgan Stanley, and Kuwait Investment Authority.
Domestic mutual funds as well, such as SBI MF, Nippon India MF, and Aditya Birla Sun Life Mutual Fund, were also part of the anchor book and purchased shares at the upper price of ₹147.
Of the new ₹1,600 crore issue, ₹800 crore will be used to develop an integrated cement manufacturing unit in Nagaur, Rajasthan. ₹520 crore will be used to pay down debt, and the balance will go towards general corporate purposes.
The Offer-for-Sale segment, amounting to ₹2,000 crore, includes share divestments by Apollo Management’s affiliate AP Asia Opportunistic Holdings Pte Ltd, Synergy Metals Investments, and State Bank of India.
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The IPO's grey market premium (GMP) currently stands at ₹13, suggesting a potential listing price of ₹160, giving a premium of 8.84% over the upper price band. Market observers have reported that the GMP is trending upward, which they believe is indicative of growing investment interest as the IPO progresses.
The basis of allotment will be finalized on August 12, with refunds and credits to demat accounts scheduled for August 13. JSW Cement is expected to debut on the NSE and BSE on August 14.