Jindal Supreme IPO Booked 5x on Day 1 as Hero Motors Fully Subscribes Amid Firm Grey Market Trends

Indian primary markets witnessed strong investor appetite on Wednesday, September 16, 2026, as both mainboard offerings hitting the Street—Jindal Supreme (India) Limited and Hero Motors Limited—recorded rapid subscription on Day 1 of their respective bidding periods.

The demand was anchored primarily by retail and non-institutional investors, with grey market premiums (GMP) signaling healthy listing expectations for both companies.

Jindal Supreme IPO Sees Rapid Demand

The Rs 124.88-crore initial public offering (IPO) of steel products manufacturer Jindal Supreme (India) was subscribed around 5 times on its first day of bidding.

The public offering comprises a fresh issue of 1.07 crore equity shares worth Rs 99.89 crore and an offer for sale (OFS) of 26.87 lakh shares aggregating to Rs 24.99 crore. Jindal Supreme has fixed its price band at Rs 88 to Rs 93 per equity share, with a minimum lot size of 161 shares, requiring a retail investment of Rs 14,973 at the upper price band.

In the unlisted market, Jindal Supreme shares commanded a steady grey market premium of Rs 27 per share. Against the upper issue price of Rs 93, this signals an estimated listing price of Rs 120 apiece—representing a potential listing gain of approximately 29.03%.

The company intends to utilise Rs 71 crore from the net proceeds towards the repayment or prepayment of certain outstanding borrowings, with the balance allocated to general corporate purposes.

Hero Motors Achieves Full Subscription

Automotive component supplier Hero Motors Limited saw its Rs 1,000-crore public issue cross full subscription on Day 1. By afternoon trade, overall bids reached 1.28 times the shares on offer, led largely by retail investors whose quota was oversubscribed more than 1.7 times.

The Rs 1,000-crore book-built issue consists of a fresh issue of shares worth Rs 600 crore (7.14 crore shares) and an offer for sale of Rs 400 crore (4.76 crore shares). The company set a price band of Rs 79 to Rs 84 per share, with a bid lot of 178 shares requiring an outlay of Rs 14,952 at the upper band.

In the grey market, Hero Motors shares traded at a premium of Rs 19 per share, indicating an estimated listing price of Rs 103 and an upside potential of roughly 22.6% to 23% over the cap price. Ahead of the opening, the company had successfully raised Rs 300 crore from anchor investors. Net proceeds from the fresh issue will be used to pare down debt and procure equipment to expand its manufacturing facility in Uttar Pradesh.

Key IPO Timelines

Both mainboard offerings are operating on identical timelines:

• Subscription Window: Wednesday, September 16, 2026, to Friday, September 18, 2026
• Basis of Allotment: Monday, September 21, 2026
• Refunds and Share Credit: Tuesday, September 22, 2026
• Listing Date: Wednesday, September 23, 2026, on both the National Stock Exchange (NSE) and BSE

While the initial response and grey market trends demonstrate strong investor appetite, market analysts note that grey market premiums remain unofficial and unregulated, advising investors to assess corporate balance sheets and valuation fundamentals before making their final investment decisions.

Tags: Jindal Supreme (India) Limited Hero Motors Limited NSE BSE Primary Markets SEBI