Jindal Supreme IPO Day 3: Subscribed 116.93x; NII bHNI jumps 126%
- Jindal Supreme IPO subscribed 116.93x by 13:15 IST on Day 3.
- NII (bHNI) demand surged 126% to 283.60x in the final hour.
- Retail subscription jumped 114% to 135.05x from mid-day lows.
- QIB subscription grew modestly to 14.03x.
- Listing scheduled for 2026-09-23.
*this image is generated using AI for illustrative purposes only.
Jindal Supreme IPO subscription surged to 116.93 times by 13:15 IST on Day 3, reversing a mid-day dip. The issue saw a massive late-day rally driven by Non-Institutional Buyers (bHNI) and Retail investors, who collectively added over 200x to the total subscription count in the final hour.
Subscription Status
The issue witnessed a dramatic turnaround during the final hours of the bidding window. Total subscribed amount rose by 61.79x (+112.1%) between the 11:15 and 13:15 snapshots. The IPO closed significantly oversubscribed compared to Day 1 (7.42x) and Day 2 (30.97x) totals.
| 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 | 14.03x | 283.60x | 175.97x | 135.05x | 116.93x |
Category-wise Breakdown
Non-Institutional Buyers (bHNI): Business High Net-Worth Individuals were the strongest segment, subscribing 283.60 times. This represents a massive jump of 158.13x (+126.0%) from the 125.47x recorded at 11:15 IST.
Retail: The Retail category recorded a subscription of 135.05 times. This marks a significant recovery of 71.93x (+114.0%) from the 63.12x seen at 11:15 IST.
Non-Institutional Buyers (sHNI): Small High Net-Worth Individuals subscribed 175.97 times, maintaining strong demand throughout the day.
Qualified Institutional Buyers (QIB): QIBs subscribed 14.03 times, showing growth of 1.39x (+11.0%) from the earlier snapshot of 12.64x.
Employees: Employee subscription remained at 0x.
Intra-day Timeline
The following table captures the volatility and subsequent surge in subscription numbers during the final hours of Day 3.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 12.64x | 125.47x | 63.12x | 55.14x |
| 12:15 | 12.76x | 106.19x | 42.79x | 44.86x |
| 13:15 | 14.03x | 283.60x | 135.05x | 116.93x |
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 heavy subscription from bHNI and retail investors impact the initial listing price volatility compared to the relatively modest QIB participation?
Given that a significant portion of proceeds is allocated to debt repayment, how will this deleveraging affect Jindal Supreme's future interest coverage ratios and credit rating outlook?
With operations concentrated in a single facility in Hisar, what contingency plans or insurance mechanisms are in place to mitigate the risk of production halts due to local disruptions?
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