JSW Cement shares made a muted market debut; stock lists at 4% premium

Shares of JSW Cement made a decent Dalal Street debut on Thursday, August 14 as the JSW Group’s cement arm was listed at Rs 153.50 on NSE, a premium of 4.42 per cent over its issue price Rs 147 apiece. Similarly, stock was listed with a premium of 4.08 per cent over the given issue price at Rs 153 on BSE.

Retail investors, who received a single lot of 102 equity, worth Rs 14,994 made a profit of Rs 663 on their investment at listing, while HNI investors, who received 14 lots or 1,428 equity shares made a profit of Rs 9,282 for their investment of Rs 2,09,916.

Listing of JSW Cement has been slightly above the expectations. Ahead of the debut, JSW Cement was commanding a grey market premium (GMP) of Rs 4-5 per shares in the unofficial market, suggesting a listing pop of nearly 3-4 per cent for the investors. The GMP stood at Rs 8 when the issue had closed for bidding.

The IPO of Mumbai-based JSW Cement was open for bidding between August 07-August 11. It had offered its shares in the price band of Rs 139-147 per share with a lot size of 102 shares. The company raised a total of Rs 3,600 crore via IPO, which included a fresh share sale of Rs 1,600 crore and an offer-for-sale (OFS) of up to 13,60,54,421 equity shares worth Rs 2,000 crore.

The issue was overall subscribed only 7.77 times fetching over 12.75 lakh applications. The allocation for the qualified institutional bidders (QIBs) was subscribed 15.80 times The portion for non-institutional investors (NIIs) booked 10.97 times. Allocations for retail investors and employees were booked 1.81 times.

Incorporated in 2006, Mumbai-headquartered JSW Cement is a manufacturer of green cement in India. As part of the JSW Group, the company is committed to sustainability and innovation in the cement industry. The company operated seven plants across the country. It had an installed grinding capacity of 20.60 MMTPA as of March 31, 2025.

Brokerage firms were mostly positive on the issue, suggesting to subscribe to for a long-term. JM Financial, Axis Capital, Citigroup Global Markets India, SBI Capital Markets DAM Capital Advisors, Goldman Sachs (India), Kotak Mahindra Capital were the book-running lead managers of the JSW Cement IPO, while Kfin Technologies was the registrar for the issue.