JSW Cement IPO subscribed 8x on Day 3 as QIBs lead; GMP eases

On the final day of bidding, the ₹3,600-crore IPO of JSW Cement received strong demand, closing with nearly 8 times subscription on August 11. Investors could bid for a minimum of 102 shares, requiring around ₹15,000 at the upper price band of ₹147 per share. The issue garnered bids for about 141 crore shares, NSE data showed. The Qualified Institutional Buyers’ quota was subscribed close to 16 times, Non-Institutional Investors nearly 11 times, and the retail portion about 2 times.

Despite robust participation, the grey market premium (GMP) eased compared to earlier days. Unlisted shares were trading at ₹152 apiece with a 3.4% premium, down from 6% on August 8, according to Investorgain. IPO Watch pegged the GMP slightly higher at ₹153, a little over 4% above the IPO price.

The IPO comprised a fresh issue of ₹1,600 crore and an offer for sale worth ₹2,000 crore by existing shareholders. Open from August 7 to 11 at ₹139–₹147 per share, the offer values the 17-year-old cement maker at ₹20,000 crore at the top end of the band.