JSW Cement’s initial public offering, valued at ₹36 billion ($413 million), was fully subscribed by the third day of bidding. The response reflects investor confidence in the company’s growth prospects, supported by central government spending on infrastructure and housing development.
India is the world’s second-largest cement producer, with manufacturers anticipating sustained demand due to planned public works and an active residential construction market. Moody’s Ratings, in a May report, projected cement consumption in the country to grow between 6% and 7% annually until 2030.
Industry analysts also expect a gradual price recovery after the declines recorded in the previous fiscal year. As of 1:00 p.m. local time on Monday, exchange data showed total bids reaching 1.31 times the number of shares on offer. Both institutional and retail investor quotas were fully subscribed.
The IPO is targeting a market valuation of about $2.3 billion. Shares are scheduled to list on August 14 on the National Stock Exchange and the Bombay Stock Exchange.
JSW Cement operates seven manufacturing facilities in southern, eastern, and western India. While it is smaller in scale compared to sector leaders such as UltraTech Cement of the Aditya Birla Group and Ambuja Cements backed by the Adani Group, the company is part of the diversified JSW Group, which also has interests in steel, energy, and other industries.
The cement maker filed its draft prospectus in August 2024, and the Securities and Exchange Board of India cleared the offering in January 2025. Funds from the fresh issue will be used to establish a plant in Rajasthan, a state with significant limestone reserves.
According to a July research note by Anand Rathi Research, JSW Cement benefits from access to the JSW Group’s steel, energy, and marine infrastructure businesses. This provides it with supply-chain advantages in sourcing raw materials such as blast furnace slag and securing power under competitive terms.
The cement sector has seen active corporate transactions in recent years, with larger players expanding capacity through acquisitions and greenfield projects. Rising infrastructure allocations in annual budgets and steady housing demand have encouraged capacity expansions across the industry.
With the IPO proceeds, JSW Cement aims to strengthen its production footprint and secure raw material linkages in northern India. Rajasthan’s location is expected to provide logistical access to nearby states and reduce transportation costs.
The offering’s subscription trend aligns with recent patterns in the primary market, where infrastructure-linked companies have drawn interest from both domestic and foreign investors. Analysts say that medium-term demand visibility, combined with efforts to optimize energy use and raw material sourcing, positions companies like JSW Cement to participate in sector growth.
JSW Cement’s listing will follow several other large-cap offerings in 2025, marking continued activity in India’s equity markets. The company’s performance post-listing will be closely watched as an indicator of investor sentiment toward the broader cement and infrastructure-linked manufacturing sector.
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