The Rs 3,600 crore initial public offering (IPO) of JSW Cement has been fully subscribed on its final day of bidding. As of 11:51 am, NSE data showed strong investor participation, led by retail and non-institutional investors, even as the grey market premium (GMP) continued to fall.
Subscription status
By late morning, the IPO was subscribed 1.04 times overall. Retail investors had bid for 94% of their allotted quota, while the non-institutional investors’ (NII) portion was subscribed 93%. The qualified institutional buyers (QIB) segment saw 24% subscription.
Grey market premium falls sharply
The GMP, which stood at Rs 19 per share before the IPO opened on August 7, has steadily dropped – falling to Rs 6 on the opening day and now to just Rs 4. This implies a potential listing price of around Rs 151, just 2.7% above the upper price band of Rs 147.
IPO details and fund utilisation
The JSW Cement IPO comprises a fresh issue of Rs 1,600 crore and an offer for sale worth Rs 2,000 crore. The price band is fixed at Rs 139–Rs 147 per share, with a lot size of 102 shares.
Proceeds from the fresh issue will partly fund a new integrated cement unit in Nagaur, Rajasthan (Rs 800 crore), repay certain borrowings (Rs 520 crore), and cover general corporate purposes.
The allotment will be finalised on August 12, with listing scheduled for August 14 on NSE and BSE.
