JSW Cement IPO Listing, Share Price Highlights: JSW Cement made its market debut at Rs 153 on both the BSE and NSE, marking a gain of around 4% over its issue price of Rs 147, with the NSE listing slightly higher at Rs 153.50, up 4.4%.
As per the latest GMP, JSW Cement shares are estimated to list about 4% higher than the issue price. The issue price was set at Rs 147 per share, and the IPO saw a subscription of over 8 times.
JSW Cement IPO details
The JSW Cement IPO is a fully book built issue of Rs 3,600 crores. It is a combination of offer for sale for 13.61 crore shares totalling Rs 2,000 crores and Rs 1,600 crore fresh issue of 10.88 crore shares.
JSW Cement – A value play or avoid?
Most IPO market experts had rated the IPO as ‘Subscribe for long-term’ as they believe the company’s product line-up offers long-term visibility-
Anand Rathi on JSW Cement
On the valuation front, according to estimates Anand Rathi, “based on annualized FY25 earnings, a post-issue market capitalization of approximately Rs 2,00,415 million,” is expected.
At upper the upper price band of Rs 147, the brokerage house believes that JSW Cement offer is made at around 36.7 times post-IPO EV/EBITDA (FY25) making the issue appear aggressively priced.
They believe, “JSW Cement with its strong brand and core focus on growing GGBS product line across the North region as well, giving the competitive advantage of increasing market share may see profitability and returns in the long run.”
They see the company’s strategic growth plans in grinding capacity, ease in supply & distribution and alignment with India’s sustainable infrastructure push helping the company’s margins.
DR Choksey on JSW Cement
As per the report by DR Choksey, “JSW Cement, the building materials arm of the JSW Group, is one of India’s fastest-growing and most sustainability-focused cement manufacturers.”
They see robust growth opportunities for the company supported by “strong commitment to green infrastructure.”
They added that the “company has positioned itself as a leader in producing eco-friendly cement solutions such as Portland Slag Cement (PSC) and Ground Granulated Blast Furnace Slag (GGBS), aligning with India’s decarbonization goals.”
However, they also highlighted that the issue is fully priced-in at current levels.
JSW Cement IPO Listing, Share Price Live: JSW Cement will make its debut on D-Street today
JSW Cement IPO listing Live Updates: JSW Cement shares
JSW Cement is trading lower, down 4.5% at Rs 146 on the BSE and down 4.8% at Rs 146.02 on the NSE.
JSW Cement IPO listing Live Updates: Post-listing view
“The stock slipped below its issue price, indicating that the IPO may already be fully valued. While short-term gains appear limited, the company has established itself as one of India’s fastest-growing and most sustainability-focused cement producers. With a strong commitment to green infrastructure, it leads in eco-friendly products such as Portland Slag Cement (PSC) and Ground Granulated Blast Furnace Slag (GGBS), aligning closely with India’s decarbonization goals. Though long-term growth prospects remain strong, current valuations suggest the IPO is fairly priced,” said Gaurav Garg, Lemonn Markets Desk.
JSW Cement IPO listing Live Updates: Share price update
At this hour, JSW Cement shares are trading at Rs 147.85 on the BSE, down Rs 5.15 or 3.37%, and at Rs 147.88 on the NSE, down Rs 5.62 or 3.66%.
JSW Cement shares under pressure after stable listing
Sajjan Jindal, Chairman JSW Group and Parth Jindal, MD, JSW Cement along with their family at the Bull statue at NSE marking the listing of JSW Cement at the Indian bourses.
JSW Cement IPO listing Live Updates: JSW Cement shares drop 4%
JSW Cement shares have slipped over 4%. This essentially also implies that the share price has dropped below the issue price of Rs 147 per share.
JSW Cement IPO listing Live Updates: Cement sector stocks muted
A quick look at how the list of cement sector stocks are performing in trade today. Most of the big-ticket large cap cement stocks are muted in trade today.
Big cement sector gainers
Among the big cement sector gainers today are
-JK Cement
-ACC
-Grasim
Key cement sector losers
However, there are many stocks across the cement space on the red too
-Birla Corp
-Heidelberg Cement
-Sanghi Industries
It is a stable listing for the JSW Cement shares. The issue listed at 4% premium as indicated by the GMP for the past two days.
The JSW Cement issue price was fixed at Rs 147 per share. The JSW Cement shares have listed at Rs 153 per share.
Ahead JSW Cement’s market debut, the list of JSW Group companies saw a mixed performance on the bourses.
JSW Steel slipped 0.71%, JSW Energy edged down 0.38%, and JSW Infrastructure was marginally lower by 0.12%. In contrast, JSW Holdings bucked the trend, gaining 1.12% in today’s trade.
JSW Cement IPO listing Live Updates: The big threat for JSW Cement
The intense industry competition is a big worry for JSW Cement. The green cement manufacturer faces stiff competition from established players like UltraTech, Ambuja, Shree Cement, and Dalmia Bharat. The company has competition concerns both in terms of pricing as well as market share.
Moreover, they are concentrated in certain geographies specifically, this also redices the pocket from which they can drive revenue to tackle competition.
The company also faces regulatory risks, given the possibility of changes in mining, environmental, or emissions-related
policies could increase compliance costs or disrupt operations.
The cyclicality of construction sector and its impact on demand for cement is linked to infrastructure and real estate cycles, making revenues sensitive to economic slowdowns. Fluctuation in input cost is the other big worry.
JSW Cement IPO listing Live Updates: What are the big opportunities for JSW Cement?
The JSW Ceement business model could take advantage of key opportunities. These include
-Planned increase in capacity to 60 MTPA by FY30 to help capture India’s long-term infrastructure-led cement demand growth.
-PM Gati Shakti, Smart Cities, and Housing for All initiatives set to create strong long-term demand drivers
-Rising demand for low-carbon building materialse Northeast provide access to high-growth markets without adequate depth yet-.
-Sustainable Product Demand: Rising demand for low-carbon building materials offers potential for green cement leadership.
-Expectation of premium pricing on the back of green cement leadership
The JSW Cement business has many key opportunities but there are some weaknesses too-
-The geographical concentration: Despite pan-India ambitions, significant revenue is still concentrated in southern and western regions, exposing it to regional
demand fluctuations.
-High Capex: Cement manufacturing is capital-intensive industry,
and with ongoing capacity expansions, financial metrics could be significantlyimpacted led by delay in scale-up of utilization.
Raw Material: It has a higher dependency on third-party suppliers for fly ash and gypsum, which are subject to price and availability risks.
JSW Cement IPO GMP, Share Price Live Updates: GMP update
Ahead of its listing, shares of JSW Cement are trading in the grey market at a premium of Rs 4.8 per share, which is 3.27% higher than the upper end of the issue price band of Rs 147. However, it is important to note that this is not the actual listing price and may change depending on market sentiment.
JSW Cement IPO GMP, Share Price Live Updates: The big worry now
The big worry for JSW Cement atre some of the key business risks impacting its valuations- One of the biggest concerns is the -
Limestone Availability Risk: The mining operations rely on long-term leases and contracts which are subject to renewal, regulatory compliance and legal risks. Disruptions or terminations may impact limestone supply and delay capacity expansion.
Sambalpur Unit Transfer and Operational Timeline: The proposed transfer of the Sambalpur plant to Shiva Cement is currently subject to regulatory approvals and legal clearances, creating uncertainty around the transaction timeline.
Bhushan Power and Steel: Compounding this risk is the ongoing liquidation process of Bhushan Power and Steel (BPSL), which adds legal complexity to the asset transfer.
JSW Cement IPO GMP, Share Price Live Updates: Market position
JSW Cement has a niche in green cement manufacturing and is India’s largest producer of ground granulated blast-furnace slag (GGBS). The company has seven operational plants across India
The Rajasthan plant funded by IPO proceeds is expected to be a key growth driver.
JSW Cement IPO GMP, Share Price Live Updates: Price band and lot size
The price band was fixed at Rs 139-Rs 147 per share, with a minimum lot of 102 shares, requiring a retail investment of around Rs 14,178 at the upper end.
At this price, JSW Cement is valued at a post-issue market cap of about Rs 20,000 crore, translating to roughly 36.7x EV/EBITDA (FY25 annualised).
JSW Cement IPO GMP, Share Price Live Updates: Subscription recap
The IPO saw string demand across categories, ending with an overall subscription of 7.77 times. Institutional investors were the clear frontrunners. QIBs bid 15.8 times their quota.
High net-worth individuals (NIIs) subscribed 10.97 times, while retail participation was relatively muted at 1.81 times.
JSW Cement IPO GMP, Share Price Live Updates: Size, structure, and purpose of the fundraise
The IPO was a mix of fresh issue and offer for sale (OFS). Out of the Rs 3,600 crore total size, Rs 1,600 crore came from fresh equity - funds the company will directly use to finance its growth.
The remaining Rs 2,000 crore was an OFS, enabling existing shareholders to partially offload their stakes.
JSW Cement plans to deploy the fresh capital into three key areas:
Setting up a new integrated cement unit in Nagaur, Rajasthan (Rs 800 crore)
Debt repayment to improve its leverage position (Rs 520 crore)
General corporate purposes, which typically cover operational expansion, sustainability initiatives, and working capital needs.