Jindal Supreme IPO has surged to 14.77x overall subscription on Day 2, with the bHNI category leading the charge at 27.20x and Retail investors piling in at 22.53x — both well past the 10x mark heading into the final day.

Subscription Status

The IPO, which opened on 16 September 2026, recorded a solid 7.42x overall subscription at the end of Day 1. By Day 2 (17 September 2026), total subscription has jumped to 14.77x, reflecting strong momentum across non-institutional and retail categories. The issue closes on 18 September 2026.

Subscription Progression

Category-wise Breakdown

The bHNI (big HNI) segment is the standout performer, racing ahead to 27.20x on Day 2 from 11.84x on Day 1 — a more than twofold jump in two days. Retail investors have also picked up significant pace, climbing from 11.43x to 22.53x. The sHNI (small HNI) category has crossed the 8x mark at 8.85x, up from 4.00x on Day 1.

QIB participation has ticked up marginally from 1.02x to 1.03x, indicating institutional demand is present but measured at this stage.

Intra-day Timeline — 17 September 2026

Offer Details

About the Company

Jindal Supreme India Limited, founded in 1974 and headquartered in Hisar, Haryana, 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 manufactured as per Indian Standards. The company operates through direct sales to institutional buyers and a dealer network, with its manufacturing facility located in Hisar, Haryana. The company is led by Managing Director Abhishek Jindal and CEO Madan Gopal Babbar.

Financial Highlights

Revenue from operations grew to ₹675.39 crore in FY2026 from ₹645.44 crore in FY2024, while net profit rose to ₹22.53 crore from ₹12.87 crore over the same period.

Objects of the Issue

• Repayment/pre-payment of certain outstanding borrowings: ₹71.00 crore to reduce outstanding indebtedness and debt servicing costs, maintain a favourable debt-to-equity ratio, and enable utilisation of internal accruals for business growth and expansion.
• General Corporate Purposes: Balance net proceeds towards business development, strategic initiatives, strengthening marketing capabilities, and meeting corporate contingencies, subject to not exceeding 25% of gross proceeds.

Risk Factors

• Single Manufacturing Facility Concentration Risk: All operations are concentrated at a single facility in Hisar, Haryana. The company lacks a formal disaster recovery plan and specific business interruption insurance coverage.
• Working Capital Intensive Operations: Working capital requirements stood at ₹11,201.95 lakhs as of 30 June 2026, funded through borrowings of ₹6,479.30 lakhs and internal accruals of ₹4,722.65 lakhs.
• High Supplier Concentration Risk: The top 10 suppliers contribute 72.31% to 76.23% of total purchases, creating dependency risks on key raw material sources.
• Raw Material Price Volatility: Mild Steel Coils and Galvanizing Materials represent 79.57% to 93.40% of total expenses, making margins highly sensitive to steel price fluctuations.
• Revenue Concentration in Core Products: Black Pipes (45.46% of revenue) and Galvanized Pipes (25.07% of revenue) as of 30 June 2026 represent significant concentration in two product lines.

What's Next

The Jindal Supreme IPO closes on 18 September 2026. Allotment is scheduled for 21 September 2026, with shares expected to list on 23 September 2026.