Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹99.89 Cr |
| Offer for Sale | ₹24.99 Cr |
| Market Cap | ≈ ₹474.52 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% (incl. anchor) |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Sarthi Capital Advisors |
| Registrar | Bigshare Services |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 650.88 | 604.74 | 675.94 | +12% |
| PAT | 12.87 | 24.27 | 22.53 | -7% |
| PAT Margin | 2.0% | 4.0% | 3.3% | — |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Jindal Supreme (India) | ≈14–21x | 26.28% | 3.3% |
| Sambhv Steel | 65.5x | 18.3% | — |
| Vibhor Steel | 23.0x | 4.5% | — |
| Hi-Tech Pipes | 22.3x | 6.0% | — |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Abhishek Jindal |
| Pre-issue | 100% |
| Post-issue | 73.68% |
| Objects of Issue | |
|---|---|
| Repayment / pre-payment of certain outstanding borrowings | — |
| General corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Strong returns — RoNW ~23–26%, well above most listed steel-pipe peers, at a not-demanding valuation.
- Five-decade operating history (since 1974) with a diversified product range — MS/GI pipes, crash barriers, GI poles.
- Product expansion into road-safety crash barriers (FY25) and GI tubular poles (FY26), tapping infrastructure spend.
- Mostly-fresh issue — ₹99.89 Cr of the ₹124.88 Cr raise is fresh money that repays debt and eases the balance sheet.
- Healthy Day-1 demand (2.47× overall, retail 4.23×) and a positive grey market (~₹15–27).
- Thin margins — PAT margin ~3.3%; commodity steel processing exposed to steel-price and spread volatility.
- High debt — debt/equity ~1.24; leverage magnifies earnings swings.
- Lumpy earnings — FY26 PAT dipped ~7% (₹24.3 → ₹22.5 Cr) even as revenue rose ~12%.
- Concentration — single manufacturing location (Hisar) and a small dealer base (53 dealers); a ~₹25 Cr promoter OFS.
- New listing with limited trading history; sources differ on the exact P/E — confirm valuation and full financials in the RHP.
Did the signal hold up? Updates after Sep 23
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Jindal Supreme (India) IPO FAQs
Common questions about the Jindal Supreme (India) IPO — GMP, price, dates, allotment and more.
What is Jindal Supreme (India) IPO GMP today?
As of the latest update (Subscription: Final · Sep 18, 04:06 PM IST · GMP: Sep 22, 11:15 AM IST), the grey market premium (GMP) for Jindal Supreme (India) IPO is around ₹29 (unofficial), implying an estimated listing price of about ≈ ₹122. GMP is unofficial & indicative
What is Jindal Supreme (India) IPO price band?
The price band is ₹88 – ₹93 per share (face value ₹10).
What is Jindal Supreme (India) IPO lot size?
The lot size is 161 · min ₹14,973 per application.
When is Jindal Supreme (India) IPO allotment?
The tentative basis-of-allotment date is Sep 21.
When will Jindal Supreme (India) IPO be listed?
The tentative listing date is Sep 23, 2026 on BSE · NSE.
What is the expected listing price of Jindal Supreme (India) IPO?
Based on the current grey market premium of ₹29 (unofficial), the estimated listing price is around ≈ ₹122 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Jindal Supreme (India) IPO?
Our view: Neutral · May Apply
In simple terms, Jindal Supreme makes steel pipes, tubes, highway crash barriers and GI poles used across water, construction, roads and infrastructure — a five-decade-old, mostly B2B business. It earns a healthy return on its money (around 23–26%) and the shares are not expensively priced. The things to weigh: profit margins are thin (~3.3% of sales), typical of commodity steel processing; the company carries meaningful debt (about 1.2 times its net worth); and although revenue grew ~12% last year, profit actually slipped about 7% (to ₹22.5 crore). Most of the issue is fresh money to cut debt. Demand was very strong — the book closed about 177 times covered (QIB ~126×, retail ~142×) — and the grey market is firm at about ₹29 (~31%), pointing to a healthy listing. On balance a reasonably-priced, decent-return but commodity and leveraged story that drew heavy demand — a fair 'may apply' for those comfortable with steel-cycle volatility. (Sources differ on the exact P/E; confirm the RHP's numbers.) This is IPOSignal's research view, not investment advice.
What is Jindal Supreme (India) IPO subscription status?
As of Final · Sep 18, 04:06 PM IST, the issue was subscribed 177× overall — NII / HNI 326.8×, Retail 141.8×, QIB 126.4×.
Who is the registrar of Jindal Supreme (India) IPO?
The registrar is Bigshare Services; the lead manager(s): Sarthi Capital Advisors.