JSW Cement IPO: Day Two Subscription So Far At 33%, GMP Rises

JSW Cement Ltd.'s initial public offering has been subscribed 0.32 times or 32% so far on its second day of bidding on Friday. The IPO was subscribed 0.29 times or 29% on its first day of bidding on Thursday. The company plans to raise Rs 3,600 crore from the primary market. The IPO will be open for subscription from Aug.7 to Aug. 11.

The price band for the IPO is set between Rs 139 and Rs 147 apiece. JSW Cement aims to raise up to Rs 1,600 crore via a fresh issue, while existing shareholders, including State Bank of India, will sell shares via an offer for sale aggregating up to Rs 2,000 crore.

On the upper price band, JSW Cement is valued at Rs 19,564 crore. It will be the sixth company from billionaire Sajjan Jindal-led JSW Group to be listed on the stock market. The last one was JSW Infrastructure Ltd., which went public in October 2023.

The tentative date of allotment of shares to IPO investors will be Aug. 12 and the stock will list on the bourses on Aug. 14.

• Issue opening: Aug. 7–11

• Issue Price: Rs 139–147

• Fresh Issue: Rs 1,600 crore

• OFS: Rs 2,000 crore 

• Total Issue Size: Rs 3,600 crore

• Market value at upper end of price band: Rs 19,565.30 crore

• Lot Size: 102 shares

The JSW Cement IPO has been subscribed 0.33 times or 33% as of 10:15 a.m. on Friday.

• Qualified Institutions: 0.23 times or 23%.

• Non-Institutional Buyers: 0.24 times or 24%.

• Retail Investors: 0.43 times or 43%.

As per InvestorGain, the latest grey market premium of JSW Cement IPO is Rs 13, as of 9:33 p.m. The stock's estimated listing price is seen at Rs 160, according to InvestorGain. This implies a 8.84% premium.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.