Jindal Supreme IPO Day 1: Subscribed 2.9x; Retail jumps 60%, NII surges
- Jindal Supreme IPO subscription reached 2.9x by midday on Day 1.
- Retail demand surged 60% to 4.96x, leading investor interest.
- NII (bHNI) category jumped 71.3% to 4.06x within an hour.
- QIB subscription remained minimal at 0.01x.
- Issue closes on September 18, 2026.
*this image is generated using AI for illustrative purposes only.
Jindal Supreme IPO subscription surged to 2.9x by midday on September 16, 2026, marking a significant acceleration from the earlier 1.8x mark. Retail investors drove the momentum with a 60% jump in demand, while Non-Institutional Buyers (bHNI) saw a 71.3% spike. The issue is priced between ₹88 and ₹93 per share.
Subscription Status
The Jindal Supreme IPO witnessed robust intraday momentum on its first day of subscription. Total demand ticked up sharply from 1.8x at 11:15 AM to 2.9x by 12:15 PM. Retail investors remained the strongest segment, pushing their subscription multiple from 3.1x to 4.96x. Simultaneously, the NII (bHNI) category showed intense activity, jumping from 2.37x to 4.06x. Qualified Institutional Buyers (QIB) recorded a marginal increase to 0.01x.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 16-09-2026 | 0.01x | 4.06x | 0.87x | 4.96x | 2.90x |
Intra-day Timeline on 16-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 2.37x | 3.10x | 1.80x |
| 12:15 | 0.01x | 4.06x | 4.96x | 2.90x |
Offer Details
- Price Band: ₹88.00000 - ₹93.00000
- Issue Size: 14973 - 500000
- Min Bid Qty: 161
- Open Date: 2026-09-16
- Close Date: 2026-09-18
About the Company
Jindal Supreme India Limited manufactures and supplies steel pipes and tubes for infrastructure and industrial applications. Founded in 1974, the company’s product portfolio includes Mild Steel (MS) black pipes, galvanized pipes, metal beam crash barriers, and GI tubular poles. It operates through direct sales to institutional buyers and a dealer network, with its manufacturing facility located in Hisar, Haryana. The company is led by MD Abhishek Jindal and CEO Madan Gopal Babbar.
Financial Highlights
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 675.39 | 586.40 | 645.44 |
| Profit Before Tax | 30.15 | 32.39 | 15.07 |
| Total Profit | 22.53 | 24.27 | 12.87 |
| Total Assets | 248.41 | 200.33 | 181.16 |
Objects of the Issue
- Repayment/pre-payment of certain outstanding borrowings: ₹71.00 crores
- General Corporate Purposes: Balance Net Proceeds
Risk Factors
- Single Manufacturing Facility Concentration Risk: Operations are concentrated in Hisar, Haryana, making them vulnerable to local disruptions.
- Working Capital Intensive Operations: Significant working capital requirements depend on borrowings and internal accruals.
- High Supplier Concentration Risk: Top 10 suppliers contribute over 72% of total purchases.
- Raw Material Price Volatility: Production costs are highly sensitive to fluctuations in Mild Steel Coils and Galvanizing Materials prices.
- Revenue Concentration in Core Products: Heavy dependence on Black Pipes and Galvanized Pipes exposes the company to demand fluctuations.
Will the strong retail and bHNI demand sustain through the closing date on September 18, or is there a risk of subscription dilution as the issue nears its end?
How might the company's heavy reliance on debt repayment (₹71 crores) impact its future leverage ratios and capacity expansion plans post-IPO?
Given the high concentration of suppliers (72%) and raw material sensitivity, how exposed is Jindal Supreme's margin to potential spikes in Mild Steel Coil prices in the coming quarters?
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