Jindal Supreme IPO subscribed over 50x so far on Day 3; GMP jumps to 33%

According to fresh market updates, The initial public offering (IPO) of steel pipes and tubes maker Jindal Supreme India continued to attract firm investor interest on the last day of bidding, with the offering subscribed over 50 times as of 10:45 am on September 18, according to NSE data.

The Rs 124.88 crore IPO received bids for nearly 47,46,79,681 shares, against 93,99,600 shares on offer. The non-institutional investor (NII) portion was subscribed 84.21 times, while the retail portion was booked 57.72 times. The offering opened for subscription on September 16 and will close on September 18.

In the grey market, Jindal Supreme shares are commanding a premium of around 33 percent over the upper end of the IPO price range on the morning of September 18, according to InvestorGain. That stated, grey market premium (GMP) is an unofficial indicator and can change before stock-exchange debut.

Read Additionally: NSE IPO booked 50% so far on Day 2; GMP at 8% — should you apply?

Ahead of the public offering, Jindal Supreme India mobilised Rs 37.46 crore through its anchor book by issuing 40.28 lakh shares on September 15.

Three market participants participated in the anchor book, with Craft Emerging Market Fund PCC emerging as the largest investor.

Craft Emerging Market Fund PCC, through its three schemes — Arbitrage Strategy Fund, Citadel Capital Fund and Elite Capital Fund — acquired 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.

The IPO comprises a fresh offering of 1.07 crore equity shares and an offer for sale (OFS) of up to 26.86 lakh shares by promoter entity VVJ Enterprise.

Jindal Supreme India manufactures mild steel black pipes and tubes, galvanised pipes, metal beam crash barriers and galvanised iron tubular poles. Its products are used in water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification.

The firm plans to use Rs 71 crore from the net proceeds of the fresh offering towards repayment or prepayment of debt. The remaining proceeds will be used for general corporate purposes.

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

Jindal Supreme India noted a earnings of Rs 8.3 crore and topline of Rs 190.93 crore for the quarter ended June 2026.

For the financial year ended March 2026, the firm's earnings declined 7.2 percent to Rs 22.5 crore from Rs 24.3 crore in the previous year. Topline, that stated, increased 15.2 percent to Rs 675.4 crore from Rs 586.4 crore.

The IPO is being managed by Sarthi Capital Advisors, which is acting as the merchant banker to the offering.

The shares are proposed to be listed on both the BSE and NSE.