Jindal Supreme India IPO Subscribed 2.86 Times on Opening Day as Strong Retail Demand Drives Bidding

The initial public offering (IPO) of Haryana-based steel tubes and pipes manufacturer Jindal Supreme (India) Limited opened for public subscription with strong momentum, recording an overall subscription of 2.86 times on Day 1. The three-day public issue, which opened on Wednesday, September 16, will remain available for bidding until Friday, September 18.

The book-built issue is seeking to raise a total of ₹124.88 crore at the upper end of its price band.

Issue Structure and Price Band

The public offer consists of both fresh issuance and an offer for sale:

• Price Band: ₹88 to ₹93 per equity share with a face value of ₹10 each.
• Fresh Issue: 1.07 crore equity shares aggregating up to ₹99.89 crore.
• Offer for Sale (OFS): Up to 26.87 lakh equity shares valued at ₹24.99 crore by promoter entity VVJ Enterprise Private Limited.
• Lot Size: 161 shares, requiring a minimum retail application commitment of ₹14,973 at the cap price of ₹93.

The company has allocated up to 50% of the net issue to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 35% to Retail Individual Investors (RIIs). Sarthi Capital Advisors Private Limited is acting as the sole book-running lead manager, while Bigshare Services Private Limited is the registrar to the issue.

Objects of the Issue

Jindal Supreme plans to deploy ₹71 crore from the net fresh issue proceeds primarily towards the full or partial repayment or pre-payment of certain outstanding borrowings. The remaining capital will be earmarked for general corporate purposes. Market analysts note that debt deleveraging will help ease interest expense pressures and strengthen the balance sheet.

Business Profile and Financials

Founded in 1974 (initially incorporated as Janak Steel Tubes Private Limited), Jindal Supreme operates a manufacturing footprint in Hisar, Haryana. The company produces Mild Steel (MS) black pipes, galvanized pipes, and tubes, while expanding in recent years into high-margin segments like W-beam metal crash barriers and galvanized iron (GI) tubular poles used in highway infrastructure and rural electrification projects.

The company follows a business-to-business model, supplying infrastructure contractors, industrial clients, and an established dealer network across northern India.

For the financial year ended March 31, 2026, Jindal Supreme posted a total revenue increase of over 12% to 15% year-on-year. However, net profit slipped marginally to ₹22.53 crore from ₹24.27 crore in the previous fiscal year, largely due to a moderation in other income and raw material price volatility. At the upper price band, the company is valued at an estimated market capitalisation of ₹474.52 crore, commanding a post-issue price-to-earnings (P/E) multiple of approximately 14.3 times.

Grey Market Premium and Listing Timeline

In the unlisted market, Jindal Supreme shares were commanding an active grey market premium (GMP) of approximately ₹27, indicating a potential listing gain of around 29% over the issue price of ₹93.

Key IPO Dates to Watch:

• Issue Closing Date: September 18, 2026
• Basis of Allotment: September 21, 2026
• Refunds and Demat Credit: September 22, 2026
• Proposed Listing Date: September 23, 2026 on BSE and NSE

Tags: Jindal Supreme India BSE NSE IPO Steel Sector SEBI