Jindal Supreme IPO Day 2: Subscribed 30.97x; QIB surges 1112% to 12.49x
- Jindal Supreme IPO reaches 30.97x overall subscription on Day 2.
- QIB participation surges 1112% intraday to 12.49x.
- bHNI category leads demand with 58.73x subscription.
- Issue closes on 18 September 2026; listing on 23 September 2026.
*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 — 17 September 2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.03x | 21.57x | 18.45x | 12.09x |
| 12:15 | 1.03x | 27.20x | 22.53x | 14.77x |
| 13:15 | 1.93x | 32.84x | 26.05x | 17.55x |
| 14:15 | 5.44x | 38.36x | 29.46x | 20.97x |
| 15:15 | 12.45x | 44.98x | 33.05x | 25.68x |
| 16:15 | 12.49x | 51.67x | 36.40x | 28.45x |
| 17:15 | 12.49x | 58.73x | 39.09x | 30.97x |
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.
What's Next
- Allotment Date: 2026-09-21
- Listing Date: 2026-09-23
How might the extreme oversubscription in the bHNI category influence the listing price premium compared to the ₹88–₹93 price band?
Given the company's heavy reliance on raw material costs (79-93% of expenses), how will near-term volatility in steel coil prices impact post-listing margins?
Will the significant debt reduction planned via IPO proceeds sufficiently mitigate the risks associated with the company's single manufacturing facility concentration?
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