Jindal Supreme India raises Rs 37.46 crore via anchor book ahead of IPO

As per the latest business developments, Steel pipes and tubes maker Jindal Supreme India has mobilised Rs 37.46 crore by issuing 40.28 lakh shares through its anchor book on September 15, a day before the IPO opens.

The maiden public offering is set to open for public subscription on September 16, with the price range set at Rs 88-93 per share. The offer will close on September 18.

The IPO consists of a fresh offering of 1.07 crore equity shares, while promoter entity VVJ Enterprise will sell up to 26.86 lakh shares through an offer-for-sale (OFS).

Three market participants participated in the anchor book of Jindal Supreme India, with Craft Emerging Market Fund PCC emerging as the largest buyer.

Craft Emerging Market Fund PCC, through its three schemes — Arbitrage Strategy Fund, Citadel Capital Fund and Elite Capital Fund — picked up 29.53 lakh shares for Rs 27.46 crore at the upper end of the price range.

Minerva Emerging Opportunities Fund and Ekamya Pragati Scheme each acquired 5.37 lakh shares for Rs 5 crore.

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Jindal Supreme makes mild steel black pipes, tubes, galvanised pipes, metal beam crash barriers and galvanised iron tubular poles, which are used across industries such as water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification.

The firm intends to use Rs 71 crore of the net fresh offering proceeds to repay debt, with the remaining funds earmarked for general corporate purposes.

As of June 2026, it had total borrowings of Rs 92.46 crore, along with accrued interest on borrowings.

Jindal Supreme noted a earnings of Rs 8.3 crore and topline of Rs 190.93 crore for the quarter ended June 2026. That stated, earnings for the financial year ended March 2026 declined 7.2 percent to Rs 22.5 crore from Rs 24.3 crore in the previous year, while topline rose 15.2 percent to Rs 675.4 crore from Rs 586.4 crore during the same period.

Sarthi Capital Advisors is acting as the merchant banker for the Jindal Supreme India IPO.