JSW Cement, a part of the JSW Group, made a modest stock market debut on Thursday, August 14. The shares listed at ₹153.50 on the NSE, marking a 4.42% gain over the issue price of ₹147, and at ₹153 on the BSE, reflecting a 4% premium. This listing closely aligned with grey market expectations, where the stock was trading at a 3% premium prior to listing.
The IPO, open from August 7 to 11, received strong investor interest, drawing over 12.75 lakh applications and getting subscribed 7.77 times. The QIB segment saw the highest demand at 15.80 times, followed by NIIs at 10.97 times and retail investors at 1.81 times.
Narendra Solanki of Anand Rathi Shares recommended holding the stock for the long term, citing synergies with the JSW Group, its focus on GGBS, well-placed plants, and commitment to sustainable infrastructure. Notably, JSW Cement is India’s largest GGBS producer, commanding an 84% market share.
Priced between ₹139–₹147 per share, the ₹3,600 crore IPO included ₹1,600 crore in fresh issue and ₹2,000 crore via OFS. Proceeds will fund a new Rajasthan plant, debt repayment, and general purposes.