The Jindal Supreme IPO enters its final day of bidding on September 18, 2026, with the issue witnessing strong demand across investor categories. The public issue has been subscribed 31.50 times so far against 93.99 lakh shares on offer, according to NSE data.
Retail investors have shown particularly strong interest, with the portion reserved for them subscribed 39.74 times. The retail category has 46.99 lakh shares on offer.a
Meanwhile, the IPO’s grey market premium (GMP) stands at Rs 25 per share, or around 27% over the upper end of the price band. While the GMP points to positive expectations in the unofficial market, it can fluctuate sharply and does not guarantee listing gains.
The Rs 124.88 crore Jindal Supreme IPO comprises a fresh issue of 1.07 crore 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 the IPO price band at Rs 88-93 per share. The lot size is 161 shares, meaning retail investors need to invest a minimum of Rs 14,973 when applying at the upper end of the price band.
The IPO opened for subscription on September 16 and bidding closes today, September 18. The allotment is expected to be finalised on September 21, while the shares are proposed to be listed on both the NSE and BSE on September 23, subject to the applicable schedule.
Sarthi Capital Advisors Pvt. Ltd. is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. is the registrar.
Jindal Supreme IPO Subscription Status
The Jindal Supreme IPO was subscribed 31.50 times overall by Day 2, against the total offer of 93.99 lakh shares, according to NSE data.
- Retail Individual Investors (RIIs): The retail portion was subscribed 39.74 times against 46.99 lakh shares on offer.
- Non-Institutional Investors (NIIs): The NII category was subscribed 37.60 times against 20.14 lakh shares offered.
- Qualified Institutional Buyers (QIBs): The QIB portion was subscribed 12.50 times, with 20.14 lakh shares reserved for the category.
Jindal Supreme IPO GMP Today
The Jindal Supreme IPO’s grey market premium currently stands at Rs 25 per share, equivalent to around 27% over the upper price band of Rs 93.
At the prevailing GMP, the estimated listing price of Jindal Supreme shares works out to approximately Rs 118 per share.
The GMP is an unofficial market indicator and is neither regulated nor guaranteed. GMP levels can fluctuate significantly before listing, and the actual listing price may differ from the estimate indicated by grey market trends.
Read more: NSE IPO Tracker: Catch all the highlights here
Jindal Supreme IPO: Objects of the Issue
The company proposes to utilise the Rs 71 crore net IPO proceeds primarily towards the repayment or pre-payment of certain outstanding borrowings, either in full or in part.
Any remaining proceeds will be used for general corporate purposes.
Financial Performance
Jindal Supreme (India)’s total income increased 12% year-on-year, rising from Rs 605 crore in FY25 to Rs 676 crore in FY26.
However, despite the growth in revenue, profit after tax (PAT) declined 7%, from Rs 24 crore in FY25 to Rs 23 crore in FY26.
About Jindal Supreme (India)
Jindal Supreme (India) Limited is a steel products manufacturer with more than five decades of experience. The company manufactures MS black pipes and tubes, galvanized pipes, metal crash barriers and GI tubular poles for infrastructure and industrial applications.
Its products are used across water supply and plumbing, construction, roads and highways, bridges, oil and gas, agriculture and rural electrification. The company expanded into W-beam and Thrie-beam crash barriers in FY2025 and GI tubular poles in FY2026.
Jindal Supreme primarily operates through a B2B model, serving institutional and industrial customers, infrastructure contractors and dealers.
Its manufacturing facility is located in Hisar, Haryana, and includes in-house mills, welding and galvanizing plants, maintenance facilities and testing facilities. As of June 30, 2026, the company had 53 dealers and 242 employees, with a strong dealer presence across northern India.
Read more: NSE IPO Day 2: GMP at 8%, subscription reaches 44% — Should you apply?
Should You Subscribe?
According to a research report by Master Capital Services, the global steel pipes and tubes market is estimated to expand from USD 245,999.02 million in 2026 to USD 395,563.29 million by 2036, registering a CAGR of 4.86%.
The Indian market is projected to grow at a relatively higher CAGR of 5.20%, reaching approximately USD 23,932.99 million by 2036, the report said.
According to the report, domestic demand growth is expected to be driven by infrastructure development, rapid urbanisation, industrial expansion and rising steel consumption. Government expenditure on water supply, energy and industrial infrastructure, along with India’s growing steel pipe exports, is expected to provide further support to the sector.
Master Capital Services said Jindal Supreme, with more than five decades of experience, an established dealer network and manufacturing facilities in Haryana, is positioned to benefit from these sector trends. Its expansion into crash barriers and GI tubular poles also provides additional growth opportunities beyond its core pipes and tubes business.
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