Jindal Supreme IPO Day 1: Subscribed 7.42x; Retail leads at 11.43x

2 min read | Published on 16 Sept 2026, 11:25 AM |Updated on 18 Sept 2026, 05:33 PM

Reviewed by

Ritika DScanX News Team

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Key Highlights

Jindal Supreme IPO subscribed 7.42x on Day 1.
NII (bHNI) led with 11.84x subscription.
Retail demand stood at 11.43x.
QIB segment recorded 1.02x subscription.

*this image is generated using AI for illustrative purposes only.

Jindal Supreme IPO subscription stood at 180.23 times by the end of Day 3, marked by a sharp acceleration in Qualified Institutional Buyer demand. QIB subscription surged 900% during the day, while Non-Institutional Buyers (bHNI) maintained their lead with 374.91 times subscription.

Subscription Status

The issue saw significant momentum in the final hours of the bidding window. Total subscription rose from 55.14x at 11:15 IST to 180.23x at 17:15 IST. This follows Day 1 totals of 7.42x and Day 2 totals of 30.97x.

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	16-09-2026	1.02x	11.84x	4.00x	11.43x	7.42x
Day 2	17-09-2026	12.49x	58.73x	25.63x	39.09x	30.97x
Day 3	18-09-2026	126.41x	374.91x	304.18x	147.76x	180.23x

Category-wise Breakdown

Qualified Institutional Buyers (QIB): QIBs showed the most dramatic movement, jumping from 12.64x at 11:15 IST to 126.41x at 16:15 IST, a rise of 900.1%.

Non-Institutional Buyers (bHNI): Business High Net-Worth Individuals led the overall subscription count with 374.91 times. Demand increased by 198.8% from the morning snapshot of 125.47x.

Non-Institutional Buyers (sHNI): Small High Net-Worth Individuals subscribed 304.18 times, reflecting sustained interest from this segment.

Retail: Retail subscription stood at 147.76 times, marking a significant increase of 134.1% from the 63.12x recorded earlier in the day.

Employees: Employee subscription remained at 0x.

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
13:15	0.01x	5.51x	6.49x	3.83x
14:15	1.01x	7.07x	7.85x	4.98x
15:15	1.02x	8.60x	9.29x	5.90x
16:15	1.02x	10.11x	10.51x	6.68x
17:15	1.02x	11.84x	11.43x	7.42x

Offer Details

Company: Jindal Supreme
Price Band: ₹88.00000 - ₹93.00000
Issue Size: 14973 - 500000
Min Bid Qty: 161
Open Date: 2026-09-16 10:00:00
Close Date: 2026-09-18 17:00:00

About the Company

Jindal Supreme India Limited manufactures and supplies steel pipes and tubes for infrastructure and industrial applications. Its product portfolio includes Mild Steel (MS) black pipes, tubes, galvanized pipes, metal beam crash barriers, and galvanized iron (GI) tubular poles. The company operates a manufacturing facility in Hisar, Haryana, equipped with mills, welding plants, and galvanizing plants. It sells through direct institutional channels and a dealer network.

Financial Highlights

Particulars	FY 2026 (₹ crores)	FY 2025 (₹ crores)	FY 2024 (₹ crores)
Revenue from Operations	675.39	586.40	645.44
Total Profit	22.53	24.27	12.87
Total Assets	248.41	200.33	181.16
Total Equity	96.82	74.64	50.31

Objects of the Issue

Repayment/pre-payment of certain outstanding borrowings: ₹71.00 crores.
General Corporate Purposes: Balance net proceeds for business development and strategic initiatives.

Risk Factors

Single Manufacturing Facility Concentration Risk: Operations are concentrated in Hisar, Haryana, making them vulnerable to local disruptions or natural disasters.
Working Capital Intensive Operations: Significant working capital requirements depend on borrowings and internal accruals.
High Supplier Concentration Risk: Top 10 suppliers contribute 72.31% to 76.23% 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: Significant revenue is derived from Black Pipes and Galvanized Pipes.