Jindal Supreme IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 126.41x |
| NII | 326.84x |
| sNII (₹2L–₹10L) | 372.15x |
| bNII (above ₹10L) | 304.18x |
| Retail (RII) | 141.75x |
| Total | 177.03x |
Bidding day 3 · final figures at close of bidding: 23 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 16 Sept 2026
- Close Date
- 18 Sept 2026
- Listing Date
- 23 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹99.89 Cr
- OFS
- ₹24.99 Cr
- Listing On
- NSE, BSE
- Registrar
- Bigshare Services
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 161 | ₹14,973 |
| Retail (Max) | 14 | 2,254 | ₹2,09,622 |
| B-HNI (Min) | 67 | 10,787 | ₹10,03,191 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 40,28,400 | 30% |
| QIB (ex-anchor) | 26,85,600 | 20% |
| NII | 20,14,200 | 15% |
| — sNII (< ₹10L) | 6,71,400 | 5% |
| — bNII (> ₹10L) | 13,42,800 | 10% |
| Retail | 46,99,800 | 35% |
| Total | 1,34,28,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 650.88 | 12.87 | 21.11 | 50.31 | 181.16 | 104.92 | — |
| FY 2025 | 604.74 | 24.27 | 25.92 | 74.64 | 200.33 | 95.84 | — |
| FY 2026 | 675.94 | 22.53 | 41.63 | 96.82 | 248.41 | 119.87 | — |
| Jun 2026 (interim) | 191.09 | 8.28 | 13.76 | 105.02 | 232.65 | 92.46 | 5.59 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 16.64x
- P/E (post-issue)
- 14.33x
- RoNW
- 8.2%
- RoE
- 8.2%
- RoCE
- 6.14%
- Debt / Equity
- 0.88
- EPS (pre-issue)
- ₹5.59
- EPS (post-issue)
- ₹6.49
- EBITDA Margin
- 7.2%
- PAT Margin
- 4.33%
- P/BV
- 3.57x
- NAV / share
- ₹26.07
- Market Cap
- ₹474.52 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Repayment/pre-payment, in full or in part, of certain outstanding borrowings | ₹71 Cr |
| General Corporate Purposes | ₹16.85 Cr |
| Issue Expenses | ₹15.05 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the BRLM including underwriter commission | ₹7.34 Cr |
| Advertising and marketing expenses | ₹0.3 Cr |
| Fees to the Registrar to the Offer | ₹0.95 Cr |
| Fees payable to the Regulators including stock exchanges | ₹1.8 Cr |
| Printing and distribution of Offer stationary | ₹0.28 Cr |
| Commission/processing fee for SCSBs, Sponsor Bank (for Bids made by Retail Individual Bidders using UPI) and Bankers to the offer. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹2 Cr |
| Fees for the legal counsels appointed for the purpose of the Offer | ₹0.13 Cr |
| Others (Industry Report, charges for monitoring Agency, Restated financials, NSDL & CDSL Fees, Verification Charges | ₹2.25 Cr |
Promoters & Shareholding
Promoters: <p>Abhishek Jindal, Sonam Jindal</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 73.68%
- Dilution
- 26.32%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| CRAFT EMERGING MARKET FUND PCC-ARBITRAGE STRATEGY FUND | Other | 13,40,104 | ₹93 | 12.46 | 33.27% |
| CRAFT EMERGING MARKET FUND PCC-CITADEL CAPITAL FUND | Other | 10,75,319 | ₹93 | 10 | 26.69% |
| MINERVA EMERGING OPPORTUNITIES FUND LTD. | Other | 5,37,659 | ₹93 | 5 | 13.35% |
| EKAMYA PRAGATI SCHEME 1 | Other | 5,37,659 | ₹93 | 5 | 13.35% |
| CRAFT EMERGING MARKET FUND PCC-ELITE CAPITAL FUND | Other | 5,37,659 | ₹93 | 5 | 13.35% |
Anchor bidding took place on 15 Sept 2026. Anchor lock-in: 50% of shares unlock on 20 Oct 2026, the remainder on 19 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Jindal Supreme | 5.59 | — | — | 26.28% | Restated |
| Hi-tech Pipes Ltd | 3.77 | — | 22.31x | 6.07% | — |
| Sambhv Steel Tubes Ltd | 1.81 | — | 65.55x | 18.35% | — |
| Vibhor Steel Tubes Ltd | 4.64 | — | 23.06x | 4.57% | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Jindal Supreme IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Jindal Supreme IPO
The Jindal Supreme mainboard IPO is open between 16 Sept 2026 and 18 Sept 2026, offered at a price band of ₹88–93 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹124.88 crore. Retail investors bid in lots of 161 shares, a minimum application of ₹14,973.
Issue structure
The offer combines a fresh issue of ₹99.89 crore with an offer for sale (OFS) of ₹24.99 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/pre-payment, in full or in part, of certain outstanding borrowings (₹71 crore), alongside general corporate purposes (₹16.85 crore). In all, 3 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Jindal Supreme reported revenue of ₹191.09 crore and a net profit of ₹8.28 crore. Revenue declined from ₹650.88 crore in FY2024 to ₹191.09 crore in FY2026 (-71.0%). Net worth stood at ₹105.02 crore at the end of FY2026. At the upper band, that puts the issue at roughly 16.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.33× post-issue earnings and 3.57× book value, against a return on net worth of 8.2% and a debt-to-equity ratio of 0.88. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Hi-tech Pipes Ltd and Sambhv Steel Tubes Ltd, with a median peer P/E of about 23.1×. The issue's own post-issue P/E works out to 14.33×.
Promoters
The promoters of the company are <p>Abhishek Jindal, Sonam Jindal</p>. Promoter holding stands at 100% before the issue and comes down to 73.68% after listing.
Grey market premium (GMP)
In the unofficial grey market, Jindal Supreme shares are quoted at a premium of ₹29 implying an expected listing around ₹122, about +31.2% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Jindal Supreme IPO was subscribed 177.03 times overall. The strongest demand came from non-institutional investors (NII) at 326.84 times, with qualified institutional buyers (QIB) at 126.41× and retail investors at 141.75×.
Listing performance
Jindal Supreme listed on 23 Sept 2026 at ₹121.9, a premium of +31.1% over the issue price of ₹93.
What to weigh
When evaluating the Jindal Supreme IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Jindal Supreme
Incorporated in 1974, Jindal Supreme (India) Ltd is engaged in the manufacturing and supply of a wide range of steel pipes, tubes and related products used across infrastructure and industrial applications. The company’s product portfolio includes MS black pipes, tubes, galvanized pipes, metal beam crash barriers and GI tubular poles. These products cater to sectors such as water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture, and rural electrification. The company reported a dealer network of 51, 49, 34 and 30 dealers for the period ended June 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. Revenue is generated from the sale of MS steel black pipes, galvanized pipes, metal beam crash barriers, GI poles and other operating income. Its manufacturing facility is located at 9th KM, O P Jindal Marg, Hisar Cantt, Hisar – 125006, Haryana, and is equipped with raw material handling and preparation equipment including an uncoiler, shear and end cutting machine, and coil accumulator. As on June 30, 2025, the company employed 231 personnel.
Jindal Supreme — Contact Details
- Registered office
- 9th KM, O P Jindal Marg, Hisar Cantt, Hisar, Haryana, 125006
- Phone
- 016 6223 6500
- janaksteel@gmail.com
- Website
- www.jindalsupreme.com/
- Registrar (IPO queries)
- ipo@bigshareonline.com
Frequently asked questions
- What is the Jindal Supreme IPO price band?
- The Jindal Supreme IPO price band is ₹88 to ₹93 per share, with a lot size of 161 shares.
- What was the Jindal Supreme IPO GMP before listing?
- The final grey market premium recorded before the Jindal Supreme IPO listed was ₹29. The IPO listed on 23 Sept 2026 at ₹121.9, +31.1% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Jindal Supreme IPO open and close?
- The Jindal Supreme IPO opens on 16 Sept 2026 and closes on 18 Sept 2026.
- When is the Jindal Supreme IPO allotment and listing date?
- Allotment is expected on 21 Sept 2026. The shares are scheduled to list on 23 Sept 2026 on NSE and BSE.
- How many times was the Jindal Supreme IPO subscribed?
- The Jindal Supreme IPO was subscribed 177.03 times in total across all investor categories.
- What is the reservation split in the Jindal Supreme IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Jindal Supreme and what is their holding?
- The promoters are <p>Abhishek Jindal, Sonam Jindal</p>. Promoter holding is 100% before the issue and 73.68% after listing.
- What is the P/E ratio of the Jindal Supreme IPO?
- At the upper price band, the Jindal Supreme IPO is valued at 16.64× pre-issue earnings and 14.33× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Jindal Supreme IPO?
- The net proceeds go primarily toward repayment/pre-payment, in full or in part, of certain outstanding borrowings, among 3 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Jindal Supreme IPO?
- The book-running lead manager is Sarthi Capital Advisors Pvt.Ltd.. Bigshare Services is the registrar to the issue.
- Is Jindal Supreme a Mainboard or SME IPO?
- Jindal Supreme is a Mainboard IPO, listing on NSE and BSE.