The initial public offering (IPO) of JSW Cement Ltd, part of the diversified JSW Group, received a subscription of 29 percent on its opening day, Thursday, August 7, 2025. Investors placed bids for over 5.21 crore shares against the total offer of 18.13 crore shares, according to data released by the National Stock Exchange (NSE).
Among various investor categories, Retail Individual Investors (RIIs) showed the strongest response with a subscription rate of 36 percent. Qualified Institutional Buyers (QIBs) accounted for 23 percent subscription, while Non-Institutional Investors (NIIs) covered 20 percent of the offering. The IPO is set to close on August 11, with market watchers closely monitoring its progress.
Earlier in the week, JSW Cement secured Rs 1,080 crore from anchor investors, providing an early vote of confidence in the offering. The price band for the IPO has been fixed between Rs 139 and Rs 147 per share, valuing the company at up to Rs 20,000 crore at the upper band.
This IPO includes a fresh issue of Rs 1,600 crore to fund expansion plans, alongside an Offer For Sale (OFS) of Rs 2,000 crore by existing shareholders. Among the sellers in the OFS are private equity firm Apollo Management through its affiliate AP Asia Opportunistic Holdings Pte Ltd, Synergy Metals Investments Holding Ltd, and the State Bank of India (SBI).
Synergy Metals Investments Holding is a subsidiary of Synergy Metals and Mining Fund, a private equity firm established in 2015 by Sudhir Maheshwari, a former executive of steel giant ArcelorMittal. The proceeds from the fresh issue are planned to be allocated primarily towards financing a new integrated cement plant at Nagaur, Rajasthan, with Rs 800 crore earmarked for this project. Additionally, Rs 520 crore will be used for repaying existing debt, while the remainder is intended for general corporate purposes.
JSW Cement’s growth ambitions are supported by its parent group’s diversified industrial background and strategic focus on sustainable cement manufacturing. The company aims to strengthen its position in the Indian cement market, which continues to expand in line with the country’s infrastructure development and housing demand.
The book-running lead managers overseeing the IPO are JM Financial Ltd, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs (India) Securities, Jefferies India, Kotak Mahindra Capital Company, and SBI Capital Markets.
Market analysts view JSW Cement’s public listing as a significant move to raise capital for growth while offering investors an opportunity to participate in the evolving Indian cement sector. The response on the first day suggests a steady interest, particularly from retail investors, signaling confidence in the company’s prospects
