Jindal Supreme (India) Limited IPO
ListedMainboardSteel
177.03×
Subscribed
Price band
₹88 – ₹93
Lot size
161
1 lot = ₹14,973
Issue size
₹124.88 Cr
Open – close
16 Sept 2026
to 18 Sept 2026
Listing
23 Sept 2026
Listing gain
+29.03%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Caution7 of 7 dimensions read
The filing raises real questions — 3 of 8 signals read negative
Strength54/100
- Priced below its peers16.6× earnings against a peer median of 23.1× — a discount to the issuer's own comparison set
- Out-earns its peersReturn on net worth of 26.3% against a peer median of 6.1%
- Revenue shrinkingRevenue has contracted at 33.4% a year — the company is coming to market on a declining top line
- Low return on equityROE of 7.8% — the business earns little on the capital it already has
- Conservative balance sheetDebt/equity of 0.88×
- Proceeds mostly repay debt₹71 Cr of the ₹100 Cr raised repays borrowings — deleveraging rather than expansion
- Large related-party dealingsRelated-party transactions run at 100.0% of revenue — a material share of the business is with connected entities
- Institutions bid heavilyQIB portion subscribed 126.41×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens16 Sept 2026
- Closes18 Sept 2026
- Allotment21 Sept 2026
- Listing23 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB126.41x
Non-institutionalNII / HNI326.84x
Big NIIabove ₹10L304.18x
Small NII₹2L – ₹10L372.15x
Retail individualRII141.75x
37,51,547 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 18 Sept 2026.
Chance of allotment
Retail141.75× subscribed
~1 in 141.8
Minimum 1 lot · 161 shares · ₹14,973 blocked
Retail is 141.75× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 141.8 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII326.84× subscribed
~1 in 326.8
Minimum 14 lots · 2,254 shares · ₹2,09,622 blocked
HNI is 326.84× subscribed. This category is allotted proportionately, so a bid receives roughly 1/326.8 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹30+32.3%
over the upper band · last seen 24 Sept 2026 · rising since 13 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹88 – ₹93
Face value₹10
Lot size161shares
Minimum application₹14,973at cut-off
Total issue size₹124.88 Cr
Fresh issue₹99.89 Cr
Offer for sale₹24.98 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band16.64×
EPS₹5.34pre-issue
EPS₹2.05post-issue
NAV per share₹24.04
Return on equity7.81%
Debt / equity0.88×
EBITDA margin7.20%
Related-party100.00%of revenue
ROCE6.14%
RoNW8.20%
PAT Margin4.33%
EBITDA Margin7.20%
NAV26.07
Price to Book Value3.57
ISININE1DLO01028
RegistrarBIGSHARE
Lead managersSarthi Capital Advisors Private Limited
20.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 67,14,000 | — |
| Anchor Investor | 40,28,400 | — |
| QIB (Ex. Anchor) | 26,85,600 | — |
| NII (HNI) | 20,14,200 | — |
| bNII > ₹10L | 13,42,800 | 595.00% |
| sNII < ₹10L | 6,71,400 | 297.00% |
| Retail | 46,99,800 | 29191.00% |
Total issue 1,34,28,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9731 lot · 161 sh
Retail (Max)₹1,94,64913 lots · 2,093 sh
S-HNI (Min)₹2,09,62214 lots · 2,254 sh
S-HNI (Max)₹9,88,21866 lots · 10,626 sh
B-HNI (Min)₹10,03,19167 lots · 10,787 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted40,28,400
Anchor portion₹37.46 Cr
Bid date15 Sept 2026
Lock-in ends (50%)21 Oct 2026
Lock-in ends (rest)20 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company₹71 Cr
- 02General Corporate Purposes₹16.85 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2023 | 645.44 | — | 12.873 | 50.311 | — |
| 2024 | 586.399 | — | 14.268 | 74.637 | — |
| 2025 | 675.387 | — | 22.529 | 96.825 | — |
| 2026 | 190.937 | — | 8.197 | 105.022 | — |
Revenue CAGR -33.4%PAT CAGR -14.0%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Jindal Supreme (India) Limitedthis issue | 5.59 | — | — | 26.28% |
| Vibhor Steel Tubes Limited | 4.64 | 23.06 | — | 4.57% |
| Sambhv Steel Tubes Limited | 1.81 | 65.55 | — | 18.35% |
| Hi-Tech Pipes Limited | 3.77 | 22.31 | — | 6.07% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Shrinking revenuemedium
Restated revenue CAGR of -33.4%.
Large related-party dealingsmedium
Related-party transactions are 100.0% of revenue.
mediumThe Company does not have a formal, documented disaster recovery or business continuity plan and has not obtained specific insurance coverage for business interruption.
mediumThe Company's manufacturing operations are carried out from a single facility in Hisar, Haryana, and the business is substantially dependent on this facility.
mediumThe Company requires significant working capital, and its inability to meet these requirements may adversely affect results of operations.
Litigation
As on the date of this Prospectus, there are no criminal litigations filed against our Company. Except as stated in this section, as on the date of this Prospectus, there are no outstanding (i) criminal proceedings; (ii) actions taken by regulatory or statutory authorities; (iii) disciplinary action including penalty imposed by SEBI or stock exchanges against the promoters in the last five financial years including outstanding action; or (iv) claims related to direct and indirect taxes, in a consolidated manner, giving the number of cases and total amount (v) other pending litigations based on lower of threshold criteria as per the policy of materiality defined by the board of directors of the issuer and disclosed in the offer document or where the value or expected impact in terms of value, exceeds the threshold of materiality; in each case involving our Company, our Promoter or our Directors or Group Companies (vi) all criminal proceedings involving key managerial personnel and senior management of the issuer; (vii) actions by regulatory authorities and statutory authorities against such key managerial personnel and senior management of the issuer shall also be disclosed.
Positives the filing discloses (1)
Primarily fresh capital
80% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.7%
Tonbo Imaging India Limited
Worst
-2.3%
Vishal Nirmiti Limited
Tonbo Imaging India Limitedsame segment
135.9× sub+65.7%
Bonfiglioli Transmissions Limitedsame segment
46.0× sub+0.0%
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Jindal Supreme (India) Limited
Jindal Supreme (India) Limited is engaged in the manufacture and supply of steel pipes, tubes, and related products for infrastructure and industrial applications. Its product portfolio includes mild steel (MS) black pipes and tubes, galvanised pipes and tubes, metal beam crash barriers, and galvanised iron (GI) tubular poles. These products are used in water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture, rural electrification, and other applications. The company primarily sells its products directly to institutional buyers, including infrastructure contractors and industrial customers, and also supplies through a network of dealers, mainly in northern states of India. The company commenced operations in 1974 and has expanded its product portfolio over the years. Its manufacturing facility is located in Hisar, Haryana, and is equipped with machinery, mills, welding plants, and galvanising plants, along with an in-house maintenance workshop and testing equipment.
Founded 1974MD Mr Abhishek JindalSector Steel
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Jindal Supreme (India) Limited IPO GMP today?
The most recent grey-market premium recorded for Jindal Supreme (India) Limited is ₹30 per share — about 32.3% over the ₹93 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Jindal Supreme (India) Limited IPO subscribed?
Jindal Supreme (India) Limited is subscribed 177.03× overall (QIB 126.41×, NII 326.84×, retail 141.75×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, BIGSHARE.
What is the minimum investment in the Jindal Supreme (India) Limited IPO?
One lot is 161 shares, so a retail application at the ₹93 cut-off price blocks ₹14,973. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Jindal Supreme (India) Limited IPO?
The retail portion is subscribed 141.75×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 142. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Jindal Supreme (India) Limited IPO allotment date?
Allotment is scheduled for 2026-09-21, with listing on 2026-09-23. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, BIGSHARE.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.