Jindal Supreme IPO Draws Strong Demand Ahead of September 18 Close
Jindal Supreme (India) Ltd.’s ₹124.88-crore initial public offering enters its final day of bidding on Friday, September 18, after attracting more than 31 times the shares available by the end of the second day.
The mainboard IPO was subscribed 31.50 times as of September 17, according to exchange data cited by market reports. The issue received bids for 22.03 crore shares against 93.99 lakh shares available to public investors.
Retail investors accounted for particularly strong demand, with their reserved portion subscribed 39.74 times. The non-institutional investor category was subscribed 37.60 times, while the qualified institutional buyer portion stood at 12.50 times, based on the latest reported figures.
The IPO opened on September 16 and will remain open until September 18. The price band has been fixed at ₹88 to ₹93 per equity share, with a lot size of 161 shares. At the upper end of the price band, one retail lot requires an investment of ₹14,973.
₹124.88-crore issue combines fresh shares and OFS
Jindal Supreme’s public issue consists of a fresh issue of 1,07,41,149 equity shares and an offer for sale of 26,86,851 shares by VVJ Enterprise Private Limited, a promoter-group entity.
At the upper price band of ₹93, the fresh issue is worth about ₹99.89 crore, while the offer-for-sale component is valued at about ₹24.99 crore.
The company has said ₹71 crore from the fresh issue will be used toward repayment or prepayment, in full or in part, of certain outstanding borrowings. The remaining proceeds are earmarked for general corporate purposes.
The offer represents about 26.32% of the company’s post-issue paid-up equity share capital, according to the offer documents.
Jindal Supreme’s business and financial performance
Jindal Supreme manufactures and supplies steel products including mild-steel black pipes and tubes, galvanized pipes and tubes, metal-beam crash barriers and galvanized iron tubular poles.
The company’s financial performance has improved from FY2023 levels, although revenue and profit have not moved in a straight line.
Its revenue from operations stood at ₹645.44 crore in FY2024, fell to ₹586.40 crore in FY2025, and rose to ₹675.39 crore in FY2026. Profit after tax increased from ₹12.87 crore in FY2024 to ₹24.27 crore in FY2025, before easing to ₹22.53 crore in FY2026.
For the three months ended June 30, 2026, the company reported revenue from operations of about ₹190.94 crore and profit after tax of ₹8.28 crore.
The company’s borrowings were about ₹119.87 crore as of March 31, 2026, according to financial information disclosed in the IPO documents. Debt repayment is therefore a central stated use of the fresh capital being raised.
Grey market premium remains an unofficial indicator
Jindal Supreme’s IPO has also attracted attention in the grey market. Market reports on September 18 put the grey market premium at around ₹27 over the ₹93 upper price band.
That would imply an indicative grey-market price of about ₹120, but the figure should not be treated as a forecast of the eventual listing price.
Grey market transactions are unofficial and outside the formal stock-exchange mechanism. GMP levels can change before listing and do not guarantee the price at which the shares will begin trading.
Allotment and listing schedule
After the bidding window closes on September 18, the basis of allotment is expected to be finalised on September 21.
Refunds are scheduled to begin on September 22, with shares expected to be credited to successful applicants’ demat accounts around the same date.
The shares are scheduled to list on both the BSE and NSE on September 23, subject to the applicable exchange and allotment process.
The company’s registrar to the issue is Bigshare Services Private Limited, while Sarthi Capital Advisors Private Limited is the book-running lead manager.
What investors know as bidding closes
The strongest confirmed development going into the final day is the level of subscription already recorded. The issue had attracted 31.50 times the shares available by the end of September 17, with demand spread across institutional, non-institutional and retail categories.
The final subscription figure will depend on bids received during the last day of the issue.
The next formal milestones are the closure of bidding on September 18, the basis of allotment on September 21 and the proposed stock-market listing on September 23.
For now, the subscription data provides a measure of demand for the public issue, while the eventual listing price will be determined by trading in the secondary market rather than by the unofficial grey market.
