GMP IPO Watch
Jindal Supreme (India) IPO Overview
Jindal Supreme (India) IPO is scheduled to open for subscription on 16 September 2026 and close on 18 September 2026. The company manufactures and supplies steel pipes and tubes used across infrastructure, construction, plumbing and rural electrification applications.
The IPO comprises both a fresh issue and an offer for sale. The company plans to raise fresh capital primarily for repayment or prepayment of outstanding borrowings, while a portion of the issue is being offered by the promoter group selling shareholder.
| Particular | Details |
|---|---|
| IPO Name | Jindal Supreme (India) IPO |
| IPO Open Date | 16 September 2026 |
| IPO Close Date | 18 September 2026 |
| Price Band | ₹88–₹93 |
| Issue Size | ₹124.88 Crore |
| Fresh Issue | ₹99.89 Crore |
| OFS | ₹24.99 Crore |
| Face Value | ₹10 |
| Lot Size | 161 Shares |
| Minimum Investment | ₹14,973 |
| Listing Exchange | NSE & BSE |
| Allotment Date | 21 September 2026 |
| Refund/Demat | 22 September 2026 |
| Listing Date | 23 September 2026 |
| Registrar | Bigshare Services |
| Lead Manager | Sarthi Capital Advisors |
Jindal Supreme (India) IPO GMP Today
The latest available grey-market indications show a GMP of around ₹17–₹19 per share, depending on the market source and update time. One recent tracker reported ₹17 on 12 September, while another reported ₹19 on 11–12 September.
At a GMP of ₹17, the indicative listing price would be around ₹110 against the upper IPO price of ₹93. At ₹19 GMP, the indicative price would be around ₹112.
GMP is an unofficial indicator and is not guaranteed to translate into the actual listing price. It can change significantly before the IPO opens and during the subscription period.
| GMP Indicator | Details |
|---|---|
| Latest Available GMP | ₹17–₹19 |
| Upper IPO Price | ₹93 |
| Indicative Listing Range | ₹110–₹112 |
| Indicative Premium | Around 18%–20% |
| GMP Status | Positive |
| Subscription | Not Started |
Jindal Supreme (India) IPO Important Dates
The IPO will be open for three days, beginning on 16 September and closing on 18 September 2026. The basis of allotment is expected on 21 September, followed by refunds and share credits on 22 September. The shares are scheduled to list on NSE and BSE on 23 September 2026.
| Event | Date |
|---|---|
| IPO Opens | 16 September 2026 |
| IPO Closes | 18 September 2026 |
| Allotment | 21 September 2026 |
| Refund Initiation | 22 September 2026 |
| Share Credit | 22 September 2026 |
| Listing | 23 September 2026 |
Jindal Supreme (India) IPO Subscription Status
The Jindal Supreme (India) IPO subscription has not started yet. QIB, NII and retail subscription figures will become available after the issue opens on 16 September.
Investors should monitor category-wise bidding during all three days, particularly institutional and non-institutional demand, because the final subscription level can influence market sentiment around the listing.
| Category | Subscription |
|---|---|
| QIB | Not Started |
| NII | Not Started |
| Retail | Not Started |
| Overall | Not Started |
Jindal Supreme (India) IPO Lot Size and Investment
The IPO lot size is 161 shares. At the upper price band of ₹93, one lot requires an investment of ₹14,973.
Retail investors can apply for one lot as the minimum application, making the IPO considerably more accessible than many SME issues where the minimum application amount can exceed ₹2 lakh.
| Particular | Details |
|---|---|
| IPO Price | ₹88–₹93 |
| Lot Size | 161 Shares |
| One Lot at ₹93 | ₹14,973 |
| Minimum Lots | 1 |
| Minimum Shares | 161 |
| Minimum Investment | ₹14,973 |
Jindal Supreme (India) Company Business
Jindal Supreme (India) Limited is engaged in the manufacturing and supply of steel pipes and tubes. Its products are used in infrastructure, construction, plumbing, water-related applications and rural electrification.
The company operates a manufacturing facility in Hisar, Haryana. Its production processes include coil slitting, forming, degreasing, fluxing and galvanizing. The company manufactures products including black pipes and galvanized pipes and serves customers through a dealer network concentrated primarily in Northern India.
The company's installed manufacturing capacity is around 1,71,000 metric tonnes per annum. Its established distribution network includes 53 dealers across Northern India, giving the company an existing route to market.
Jindal Supreme (India) IPO Financial Performance
Jindal Supreme reported revenue growth in FY2026, with total income reaching ₹675.94 crore. However, profit after tax declined compared with FY2025.
The company reported FY2026 PAT of ₹22.53 crore compared with ₹24.27 crore in FY2025. This means revenue growth has not translated into corresponding profit growth, making margins and raw-material costs important factors to watch.
| Financial Year | Revenue/Income | PAT | EBITDA |
|---|---|---|---|
| FY2024 | ₹650.88 Cr | ₹12.87 Cr | ₹21.11 Cr |
| FY2025 | ₹604.74 Cr | ₹24.27 Cr | ₹25.92 Cr |
| FY2026 | ₹675.94 Cr | ₹22.53 Cr | ₹41.63 Cr |
Jindal Supreme (India) IPO Financial Ratios
The company's FY2026 RoNW was around 26.28%, while its debt-to-equity ratio stood at approximately 1.24x at year-end. More recent June 2026 figures show debt-to-equity at around 0.88x following changes in the balance sheet.
At the upper IPO price of ₹93, available IPO data indicates a post-issue P/E of around 14.33x.
| Particular | FY2026 |
|---|---|
| EPS | ₹6.49 Post-Issue |
| PAT Margin | 3.33% |
| EBITDA Margin | 6.16% |
| RoNW | 26.28% |
| ROE | 26.28% |
| ROCE | 16.78% |
| Debt/Equity | 1.24x |
| NAV | ₹26.07 |
| P/B | 3.57x |
| Post-Issue P/E | 14.33x |
Jindal Supreme (India) IPO Objects of the Issue
The main purpose of the fresh issue is to reduce the company's outstanding borrowings. Around ₹71 crore from the net IPO proceeds is proposed to be used for repayment or prepayment of certain outstanding borrowings.
The remaining funds are intended for general corporate purposes. Debt reduction could lower the company's finance burden and strengthen the balance sheet after the IPO.
| Use of Funds | Amount |
|---|---|
| Repayment/Prepayment of Borrowings | ₹71.00 Cr |
| General Corporate Purpose | Balance Amount |
| Fresh Issue | Up to ₹99.89 Cr |
| OFS | Up to ₹24.99 Cr |
The IPO structure comprises a fresh issue of up to 1,07,41,149 shares and an OFS of up to 26,86,851 shares by VVJ Enterprise Private Limited.
Jindal Supreme (India) IPO Strengths
Established manufacturing business: The company has an operating history in steel pipes and tubes and serves multiple infrastructure-related applications.
Strong dealer network: Its distribution network includes around 53 dealers, primarily across Northern India, supporting product distribution.
Large manufacturing capacity: The company has an installed capacity of around 1,71,000 MTPA.
Infrastructure demand: Steel pipes and galvanized products have applications across construction, plumbing, water infrastructure and rural electrification.
Debt reduction: A significant portion of the fresh issue proceeds is planned for repayment or prepayment of borrowings, which could improve the balance sheet.
Positive GMP: Recent grey-market indications have been positive, although GMP should not be treated as a guaranteed listing indicator.
Jindal Supreme (India) IPO Risks
The company operates in a steel-intensive industry where raw material prices can have a significant impact on margins. Fluctuations in the prices of mild steel coils, hot-rolled coils and other inputs can affect profitability.
Another risk is geographic concentration. The company operates from a single manufacturing facility in Hisar, Haryana, while its dealer network is primarily concentrated in Northern India. Any disruption at the facility could therefore have a meaningful impact on operations.
The company also depends significantly on its core black pipe and galvanized pipe products. A slowdown in infrastructure or construction activity could reduce demand.
Supplier concentration is another factor to monitor, with the company relying heavily on its leading raw-material suppliers. Customer concentration and working-capital requirements can also affect cash flows.
Jindal Supreme (India) IPO Valuation
At the upper price band of ₹93, the IPO has a post-issue P/E of around 14.33x based on available IPO data.
The valuation should be considered alongside the company's profitability, debt position and relatively modest PAT margin. The planned repayment of ₹71 crore of borrowings is an important part of the IPO story because it could reduce financial leverage after the issue.
| Valuation Metric | Value |
|---|---|
| Upper IPO Price | ₹93 |
| Post-Issue P/E | ~14.33x |
| P/B | ~3.57x |
| NAV | ₹26.07 |
| RoNW | ~26.28% |
Jindal Supreme (India) IPO Review
Jindal Supreme (India) IPO offers exposure to the steel pipe and tube manufacturing industry, with applications across infrastructure, construction, plumbing and rural electrification. The company has an established manufacturing facility, sizeable installed capacity and a dealer network across Northern India.
The proposed use of ₹71 crore toward debt repayment is one of the key positives. Reducing borrowings could strengthen the company's balance sheet and lower finance costs.
However, investors should also consider raw-material price volatility, dependence on a single manufacturing facility, geographic concentration and relatively modest profit margins. FY2026 PAT declined from FY2025 despite revenue growth, which indicates that higher sales alone may not necessarily result in stronger earnings.
The latest grey-market indications are positive at around ₹17–₹19, suggesting an indicative listing range of approximately ₹110–₹112 based on the ₹93 upper price band. However, GMP is unofficial and can change before listing.
Overall, Jindal Supreme (India) IPO has a combination of an established industrial business, debt-reduction plans and positive pre-IPO grey-market sentiment. Investors should nevertheless evaluate the issue based on fundamentals and valuation rather than relying solely on GMP.
Jindal Supreme (India) IPO Key Highlights
- IPO opens on 16 September 2026
- IPO closes on 18 September 2026
- Price band is ₹88–₹93
- Issue size is ₹124.88 crore
- Fresh issue is up to ₹99.89 crore
- OFS is up to ₹24.99 crore
- Lot size is 161 shares
- Minimum investment is ₹14,973
- Latest available GMP is around ₹17–₹19
- Indicative listing range is around ₹110–₹112 based on current GMP
- FY2026 income was ₹675.94 crore
- FY2026 PAT was ₹22.53 crore
- FY2026 EBITDA was ₹41.63 crore
- Proposed debt repayment is ₹71 crore
- Installed capacity is around 1,71,000 MTPA
- Manufacturing facility is located in Hisar, Haryana
- Expected listing date is 23 September 2026
Jindal Supreme (India) IPO Conclusion
Jindal Supreme (India) IPO comes with an established steel pipes and tubes business, sizeable manufacturing capacity and an existing dealer network serving infrastructure-oriented markets. The planned use of ₹71 crore for debt repayment is a notable positive and could improve the company's financial position.
At the same time, investors should consider the impact of steel raw-material prices, geographic and manufacturing concentration, supplier dependence and the company's modest profit margins. The decline in FY2026 PAT despite higher revenue also deserves attention.
The current GMP indicates positive grey-market interest, but GMP can change and should not be treated as a guaranteed listing gain. Investors should check the final subscription numbers, valuation, market conditions and IPO disclosures before making an investment decision.
Disclaimer: IPO GMP is an unofficial market indicator and can change at any time. This article is for informational purposes only and should not be considered investment advice.
