JSW Cement IPO Subscription Status: Full Story from Opening to Oversubscription
The JSW Cement IPO, launched from August 7 to August 11, 2025, created ripples in India’s primary market. With a fundraising target of ₹3,600 crore and a price band of ₹139–₹147 per share, the IPO drew interest for its strong parentage under the JSW Group, green cement focus, and infrastructure-led growth potential.
But the subscription journey wasn’t a straight-line rush—it started slow, gained momentum, and ended with an impressive oversubscription. Here’s the full breakdown, day-by-day.
IPO Structure & Objectives
- Capacity expansion in strategic markets.
- Debt repayment to strengthen the balance sheet.
- Working capital for operational efficiency.
With India’s infrastructure and housing push, JSW Cement’s timing seemed strategically aligned to capture investor attention.
Day 1 (August 7, 2025): Cautious Start
- Overall Subscription: ~29–30% by market close.
- Retail Portion: ~36% subscribed.
- NII: ~20% subscribed.
- QIB: ~23% subscribed.
The grey market premium (GMP) was modest at ₹4 per share, hinting at cautious optimism.
Day 2 (August 8, 2025): Momentum Builds
- Overall Subscription: ~56%.
- Retail Segment: 72% subscribed.
- NII: 62% subscribed.
- QIB: 24% subscribed.
The GMP improved slightly to ₹8–₹12, showing that sentiment was turning positive.
Day 3 (Final Day - August 11, 2025): Strong Finish
- Overall Subscription: 7.77× at market close.
- Retail Segment: Oversubscribed multiple times.
- NII & QIB: Strong last-minute buying interest.
By mid-day, the IPO had already been fully subscribed, with bids 1.31× the shares offered before the final surge.
Factors Behind the Turnaround
- Anchor Investor Confidence: ₹1,080 crore raised from 52 anchor investors before opening.
- Green Cement Focus: Sustainability theme attracted ESG-conscious investors.
- Strong Parentage: Backed by JSW Group.
- Infrastructure Push in India: Demand prospects remain robust.
- Reasonable Pricing: Modest GMP reassured investors.
Grey Market Premium (GMP) Trend
| Date | GMP (₹) | Sentiment |
|---|---|---|
| Day 1 (Aug 7) | 4 | Cautious |
| Day 2 (Aug 8) | 8–12 | Positive shift |
| Day 3 (Aug 11) | 2–4 | Stable/Moderate |
Please be aware that GMP is not an official measure and should not be relied upon solely for making investment choices.
Allotment & Listing Details
- Allotment Date: August 12, 2025
- Refund Initiation: August 13, 2025
- Listing Date: August 14, 2025, on NSE & BSE
- Registrar: KFin Technologies
Expert Take
Positives:
- Strong demand from retail and institutional investors.
- Focus on green cement and the infrastructure boom.
- Solid anchor investor participation.
Risks:
- Cyclicality of cement demand linked to economic trends.
- Competition from UltraTech, Shree Cement, and others.
Verdict: For long-term investors, JSW Cement offers a mix of growth potential and sustainability branding. Listing gains may be modest, but fundamentals are strong.
Final Word
JSW Cement’s IPO story is a perfect example of early hesitation turning into full-blown demand once investors gained confidence. Backed by strong fundamentals, a growth-friendly sector, and a reputable promoter group, the IPO is set for a stable debut in the secondary market.
Author’s Note: This article draws on publicly available subscription figures, grey market movements, and expert opinions. Readers are advised to assess their individual risk appetite before making any IPO investment decisions.
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