Jindal Supreme (India) Ltd IPO: price band ₹88–₹93, issue size ₹124.88 crore, subscription, GMP and key risks

Jindal Supreme (India) Limited, a Hisar, Haryana-based steel pipes and infrastructure-products manufacturer, has come to the market with a mainboard IPO of ₹124.88 crore at a price band of ₹88 to ₹93 per share. The issue opened on 16 September 2026 and closed on 18 September 2026, and the listing is scheduled for 23 September 2026. The IPO comprises a fresh issue of ₹99.89 crore and an offer for sale (OFS) of ₹24.99 crore; fresh issue proceeds accrue to the company, while OFS proceeds accrue to selling shareholders.

What Jindal Supreme (India) does

Jindal Supreme (India) Limited manufactures and supplies steel pipes, tubes and allied infrastructure products. Its product portfolio in the offer context includes mild steel (MS) black pipes and tubes, galvanized pipes and tubes, metal beam crash barriers, and galvanized iron (GI) tubular poles.

The company operates an integrated manufacturing facility in Hisar with in-house testing and galvanising capabilities. The stated application base for its products spans water supply, construction, roads and highways, bridges, oil and gas, chemicals, and rural electrification.

From a go-to-market standpoint, the company sells largely to institutional and project customers, while also expanding a dealer network. In the provided context, its dealer network is stated to have expanded to 53 dealers, alongside direct institutional sales.

IPO structure, dates, lot size, and reservations

The IPO is structured as a combination of a fresh issue and an OFS. The fresh issue is intended to fund the company’s proposed uses, while the OFS is a sale by existing shareholders.

Key terms include a price band of ₹88 to ₹93 per share and a lot size of 161 shares. The IPO opened on 16 September 2026 and closed on 18 September 2026. The basis of allotment is scheduled for 21 September 2026, refunds for 22 September 2026, and listing for 23 September 2026.

In terms of reservation, the qualified institutional buyers (QIB) portion is 50%, the non-institutional investors (NII) portion is 15%, and the retail individual investors portion is 35%. Anchor allocation is defined as up to 60% of the QIB portion, with 33.33% of the anchor portion reserved for domestic mutual funds.

At the snapshot time, the IPO status is listing pending.

Subscription numbers and grey market premium (GMP) trend

The issue recorded an overall subscription of 31.54 times, based on bids received relative to shares offered. Within this, QIB subscription was 12.50 times, NII subscription was 37.63 times, and retail subscription was 39.80 times.

Grey market premium (GMP) is an unofficial indicator observed in informal trading and can change quickly; it is not a listing forecast. In the last 10 available observations in the provided context, GMP readings ranged from ₹24 to ₹32 against a referenced issue price of ₹93, with the most recent observations at ₹26 (dated 18 September 2026 and 19 September 2026).

Milestones, capacity and product additions highlighted in the offer context

The company traces its origins to 1974, when it was incorporated as Janak Steel Tubes Private Limited. An early operating milestone cited is capacity expansion to 60,000 MTPA (metric tonnes per annum) in 1982.

More recent milestones in the offer context point to additions in equipment and product lines. In FY2023, the company crossed ₹50,000 lakhs in sales and launched 10-inch tube mills along with an advanced slitting line. It entered metal beam crash barrier manufacturing in 2024 and started GI tubular pole production in 2025.

The offer context also highlights the company’s backward-integrated manufacturing setup and a broadened product mix that includes crash barriers and GI tubular poles. Alongside product additions, the company commissioned or ran a 4,440.45 kWp rooftop solar photovoltaic power plant at its plant premises in 2025.

Financial trajectory and KPI context

Across FY2024 to FY2026, the company reported movement in total revenue and profit after tax (PAT), while total assets increased over the period. Narrative values referenced in this section are rounded to two decimals, while the table carries the exact reported numbers.

At the IPO price band, the offer context provides a set of key performance indicators (KPIs) and valuation references, including earnings per share (EPS) of ₹5.59 and a pre-IPO price-to-earnings (P/E) multiple of 16.64 times. It also reports a price-to-book value of 3.57 times.

Profitability and return metrics provided include return on equity (ROE) of 8.20%, return on capital employed (ROCE) of 6.14%, and a reported PAT margin of 4.33%. The EBITDA margin is reported at 7.20% and the debt-to-equity ratio at 0.88 times.

These figures sit within the operating context described for the business: manufacturing and processing of steel-based products with exposure to raw material inputs such as steel and zinc, and a sales model that spans institutional/project demand alongside dealer-led distribution.

Use of proceeds, key risks in the offer context, and monitoring points

The company proposes to use fresh issue proceeds for (1) repayment or pre-payment, in full or in part, of certain outstanding borrowings availed by the company, and (2) general corporate purposes. The proposed allocation in the provided context includes ₹71.00 crore towards debt repayment/pre-payment and ₹7.10 crore towards general corporate purposes.

The offer context also highlights several business risks and sensitivities:

Operational concentration risk: the company has a single manufacturing site in Hisar, which is described as a single point of failure. Any disruption may affect deliveries, revenue, and customer relationships.

Working-capital intensity: working capital needs are described as large and rising. Any tightening in bank funding or slower collections may affect procurement of raw materials and production continuity.

Supplier concentration: the top 10 suppliers account for 72.31% of purchases, creating dependency on a limited supplier set for continuity of supply and commercial terms.

External and industry risks noted include global steel price swings that can affect margins, import competition from low-priced suppliers in other countries, tightening environmental regulations that can increase compliance and operating costs, and delays in infrastructure project execution that can temporarily affect demand.

Monitoring points for investors tracking the company post issue (stated as focus areas, not outcomes):

Working-capital discipline, particularly inventory and receivables relative to borrowing levels.

Order traction and execution in newer categories such as metal beam crash barriers and GI tubular poles, alongside the core pipes and tubes portfolio.

Operational resilience given the single-facility footprint, including maintenance, uptime and contingency planning.

Progress on borrowings repayment/pre-payment from proposed fresh issue proceeds and the resulting movement in leverage and finance costs.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.