New Delhi, August 14 (HS): JSW Cement, the grey cement arm of the JSW Group, made a modest debut on the stock exchanges today but failed to hold on to its opening gains, ending its first day of trade in negative territory.
Priced at ₹147 per share in its ₹3,600-crore IPO, the stock listed at ₹153 on the BSE and ₹153.50 on the NSE — delivering a muted 4% listing gain to investors. However, profit booking quickly set in, and by market close, shares had slipped to ₹146.05, translating into a 0.65% loss for IPO subscribers on debut day.
The IPO, open from August 7 to 11, received a decent overall subscription of 8.22 times. The quota for Qualified Institutional Buyers (QIBs) was subscribed 16.71x, Non-Institutional Investors (NIIs) 11.60x, while the retail portion drew 1.91x bids. The issue comprised 10.88 crore fresh equity shares (₹1,600 crore) with a face value of ₹10 each, alongside 13.60 crore shares offered for sale.
Proceeds from the fresh issue will help fund the company’s upcoming integrated cement plant in Nagaur, Rajasthan, repay existing debt, and address general corporate purposes.
While the IPO attracted demand, the company’s latest financials paint a cautious picture. Net profit slumped from ₹104.04 crore in FY 2022-23 to ₹62.01 crore in FY 2023-24, before swinging to a ₹163.77 crore loss in FY 2024-25. Total income fluctuated — ₹5,982.21 crore (FY23), ₹6,114.60 crore (FY24), and ₹5,914.67 crore (FY25). Debt levels swelled steadily, rising from ₹5,421.54 crore in FY23 to ₹6,166.55 crore in FY25.
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Hindusthan Samachar / Jun Sarkar
