Jindal Supreme IPO Day 1: Issue subscribed over 200% in early bids, GMP at 29%. Should you subscribe?

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The IPO is also drawing attention in the grey market, with the Grey Market Premium (GMP) currently standing at around 29%. The premium indicates market expectations around the company’s potential listing performance, although GMP trends can change and do 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.
The IPO opened for subscription from September 16 until September 18, 2026. The allotment is expected to be finalised on September 21, 2026, while the shares are proposed to be listed on both the NSE and BSE on September 23, 2026, subject to the applicable schedule.
Jindal Supreme has fixed the IPO price band at Rs 88–Rs 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.
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
As of 11:15 AM on Day 1, the Jindal Supreme IPO was subscribed 2.10 times overall against the total issue size of 93.99 lakh shares.
Retail Individual Investors (RIIs): Subscribed 3.61 times against 46.99 lakh shares offered.
Non-Institutional Investors (NIIs): Subscribed 1.37 times against 20.14 lakh shares offered.
Qualified Institutional Buyers (QIBs): Subscribed 1% against 20.14 lakh shares offered.
Jindal Supreme IPO GMP today
The Jindal Supreme IPO GMP is currently Rs 27, or around 29%, based on the upper end of the IPO price band of Rs 93 per share. At the prevailing GMP, the IPO’s estimated listing price stands at around Rs 120 per share.
GMP Note: The Grey Market Premium (GMP) is an unofficial market indicator and is not regulated or guaranteed. GMP trends can change before listing, and the actual listing price may differ significantly from the estimated price.
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. The remaining amount, if any, will be used for general corporate purposes.
Financial performance
Jindal Supreme (India) total income increased by 12% from Rs 605 crore in FY25 to Rs 676 crore in FY26. Despite the growth in revenue, profit after tax (PAT) declined by 7% from Rs 24 crore in FY25 to Rs 23 crore in FY26.
About Jindal Supreme (India) Ltd.
Incorporated in March 1974, Jindal Supreme (India) Limited is a steel products manufacturer with over five decades of experience. The company manufactures MS black pipes and tubes, galvanised 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 & gas, agriculture and rural electrification. The company expanded into W-beam and Thrie-beam crash barriers in FY2025 and GI tubular poles in FY2026.
The company operates primarily through a B2B model, serving institutional and industrial customers, infrastructure contractors and dealers. Its manufacturing facility is located in Hisar, Haryana, with in-house mills, welding and galvanising plants, and maintenance and testing facilities. As of June 30, 2026, the company had 53 dealers and 242 employees, with a strong dealer presence across northern India.
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 growth in domestic demand is expected to be driven by infrastructure development, rapid urbanisation, industrial expansion and increasing steel consumption. Government expenditure on water supply, energy and industrial infrastructure, coupled with India’s rising steel pipe exports, is likely to provide further support to the sector.
Jindal Supreme (India) Limited, with over five decades of experience, an established dealer network and manufacturing facilities in Haryana, is positioned to benefit from these trends. Its expansion into crash barriers and GI tubular poles also provides additional growth opportunities beyond its core pipes and tubes business. Investors may consider the IPO as a potential long-term investment opportunity.
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