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| Mr. Sajjan Jindal, Chairman of JSW Group, and Mr. Parth Jindal, Managing Director of JSW Cement Ltd., at the bell-ringing ceremony of JSW Cement held at NSE, marking the successful IPO listing of the company on the Indian bourses. |
Mumbai: JSW Cement Limited began its journey as a publicly listed company on Thursday with a modest market debut, listing at ₹153.50 on the National Stock Exchange (NSE) and ₹153.00 on the Bombay Stock Exchange (BSE) — roughly 4 per cent above its IPO price of ₹147. However, early enthusiasm faded as the stock fell below its issue price during the trading session, touching ₹148.20 by 2:05 PM, a decline of 3.45 per cent from its opening level.
The ₹3,600 crore IPO had generated robust institutional interest, with an overall subscription of 7.77 times. Qualified Institutional Buyers (QIBs) led the surge, subscribing 15.8 times their allotted portion, while High Net Worth Individuals booked 10.97 times their quota. Retail participation, however, remained muted, coming in at 1.81 times subscription.
“JSW Cement made a steady market debut today. The modest yet positive opening reflects balanced investor sentiment, supported by the company’s strong fundamentals and the JSW Group’s brand power,” said Sourav Choudhary, MD of Raghunath Capital. He projected the stock would consolidate between ₹145 and ₹160 in the near term, with any significant upside contingent on performance triggers.
Gaurav Garg from Lemonn Markets Desk noted that the stock’s slip below its IPO price signalled caution. “The IPO may already be fully valued. While short-term gains look limited, the company remains one of India’s fastest-growing and most sustainability-focused cement producers,” he said.
At the listing ceremony, JSW Group Chairman Sajjan Jindal expressed optimism about the company’s prospects: “I’m sure that under Parth’s leadership, JSW Cement will do very well. India is one of the largest and fastest-growing economies, and it needs aggressive companies to drive growth. I hope JSW will play that role.”
Managing Director Parth Jindal reflected on the IPO journey and hinted at future listings within the group. “Now I’m fully trained and ready to take other JSW companies public. We’ve just begun, and I hope to create value for our shareholders and make JSW Cement a key player in India’s growth story,” he said.
The IPO comprised a fresh issue of ₹1,600 crore and an offer for sale worth ₹2,000 crore. The fresh funds will be used for a new integrated cement unit in Nagaur, Rajasthan (₹800 crore), debt repayment (₹520 crore), and general corporate purposes.
JSW Cement CEO Nilesh Narwekar reaffirmed the company’s commitment to stakeholders: “Today, we go public with a simple promise — to stay true to our values, deliver for our stakeholders, and keep building a company that makes a difference.”
At current prices, JSW Cement’s post-issue market capitalization stands at about ₹20,179 crore, valuing it at roughly 36.7x EV/EBITDA on FY25 annualized earnings. The company ranks among India’s top 10 cement producers and is the nation’s largest Ground Granulated Blast Furnace Slag (GGBS) producer.
Shivani Nyati, Head of Wealth at Swastika Investmart, described the listing as “flat” and cautioned that the company’s high valuation and current losses could spark short-term volatility.
Trading volumes were significant, with 932.94 lakh shares changing hands and a total traded value of ₹1,406.78 crore. Deliverable quantity stood at 54.13 per cent of the total traded volume.
NSE MD Ashish Kumar Chauhan welcomed JSW Cement as the exchange’s 2,812th listed entity, noting that FY25 had already seen record IPO fundraising of ₹1.7 lakh crore.
Analyst strategies vary: Choudhary recommends “accumulating on dips towards ₹145–₹148 for a structural portfolio play,” while Nyati advises short-term traders to “maintain a stop loss at ₹138 and wait for potential upside.” While India’s cement sector outlook remains buoyant on infrastructure growth, near-term performance for JSW Cement will hinge on capacity utilization and prevailing market conditions.
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