JSW Cement IPO
JSW Cement Limited (JSWCEMENT) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 14 August 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +9.4% (likely range -7% to +13%), day's high +23.2%, chance of a gain 51%. Actual: +4.4% at the open, +5.3% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 5,17,98,561 | 81,86,50,266 | 15.8x | |
| NII (HNI) total | 3,88,48,921 | 42,63,56,022 | 11.0x | |
| Big NII (above ₹10 lakh) | 2,58,99,281 | 32,53,54,194 | 12.6x | |
| Small NII (₹2-10 lakh) | 1,29,49,640 | 10,10,01,828 | 7.80x | |
| Retail | 9,06,47,482 | 16,43,13,636 | 1.81x | |
| Total | 18,12,94,964 | 1,40,93,19,924 | 7.77x |
Bids on NSE and BSE together, as published by NSE, as of 11 Aug 2025, 07:00 PM. Shares offered exclude the anchor portion. 9% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to JSW Cement's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Ajax EngineeringFeb 2025 | 14.4x | 6.47x | 1.93x | 6.45x | ₹1,269 Cr | -8.4% | -3.2% |
| Blue Jet HealthcareOct 2023 | 13.7x | 13.6x | 2.24x | 7.95x | ₹840 Cr | +9.8% | +20.8% |
| Go Digit General InsuranceMay 2024 | 12.6x | 7.24x | 4.27x | 9.60x | ₹2,615 Cr | +5.2% | +15.4% |
| Brainbees SolutionsAug 2024 | 19.3x | 4.68x | 2.31x | 12.2x | ₹4,194 Cr | +40.0% | +52.2% |
| PB FintechNov 2021 | 24.9x | 7.82x | 3.31x | 16.6x | ₹6,224 Cr | +17.4% | +27.4% |
| Future Supply Chain SolutionsDec 2017 | 12.4x | 11.2x | 3.28x | 7.56x | ₹650 Cr | 0.0% | +5.3% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| JM Financial | 109 | +22.8% | 75% |
| Axis Capital | 107 | +20.4% | 73% |
| Citigroup Global Markets India | 35 | +14.2% | 63% |
| DAM Capital Advisors | 37 | +13.6% | 59% |
| Goldman Sachs (India) Securities | 16 | +18.4% | 69% |
| Jefferies India | 26 | +19.5% | 81% |
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| SBI Capital Markets | 56 | +16.7% | 61% |
Offer documents (NSE)
Frequently asked
What is the JSW Cement IPO price band and lot size? ₹139–147 per share, with a lot of 102 shares, so the smallest retail bid is ₹14,994.
How many times has it been subscribed? 7.77x overall: QIB 15.8x, NII 11.0x, retail 1.81x.
How did it list? It opened at ₹154, +4.4% against the issue price of ₹147, and closed its first day -0.6%.
