JSW Cement’s ₹3,600-crore initial public offering (IPO) closed on Monday, August 11, drawing an enthusiastic response from investors across categories, particularly institutional players. The share sale, which opened on August 7, comprised a fresh issue of ₹1,600 crore and an offer for sale (OFS) worth ₹2,000 crore.

Data from the exchanges showed that the IPO received bids for 1,40,91,39,588 shares against the 18,12,94,964 shares on offer, translating into a subscription level of 7.77 times. The qualified institutional buyers (QIBs) segment led the charge, oversubscribed by 15.80 times, while non-institutional investors (NIIs) followed with a subscription of 10.97 times. The retail investor portion was subscribed 1.81 times.

Market analysts attributed the strong demand to the company’s growth trajectory, operational efficiencies, and leadership position in the Ground Granulated Blast Furnace Slag (GGBS) segment, where it commands an 84% market share as of FY25.

With the subscription phase now closed, investor attention turns to the allotment process, which is scheduled to be finalised on Tuesday, August 12. JSW Cement’s shares are set to debut on both the BSE and NSE, with a tentative listing date of August 14.

Meanwhile, the IPO’s grey market premium (GMP) has remained subdued in the run-up to the listing. On Monday, the GMP stood at ₹5.5, suggesting that the stock could list around ₹152.25 per share, a modest 3.74% premium over the upper end of the ₹139–₹147 price band.

For retail participants, the minimum application size was fixed at 102 shares, requiring an investment of ₹14,718 at the upper price band. Proceeds from the fresh issue will be utilised to set up a new integrated cement facility in Nagaur, Rajasthan, repay certain borrowings, and meet general corporate expenses.

JSW Cement is one of the fastest-growing cement producers in India, with FY25 sales of 7.09 million tonnes of cement and 5.2 million tonnes of GGBS. Its operations have benefited from renewable energy adoption, waste heat recovery systems, and freight cost optimisation, resulting in grinding capacity utilisation of 63% and clinker utilisation of 84%.

Brokerages such as Lakshmishree Investment, Canara Bank Securities, and Ventura had issued a “subscribe” recommendation ahead of the IPO, citing strong fundamentals, expansion plans, and the company’s positioning in a competitive industry.