Jindal Supreme IPO Day 2: Issue subscribed over 12.5x, GMP at 27% — Should you subscribe?

The Jindal Supreme IPO is gaining strong traction on Day 2 of bidding, with investor demand accelerating across categories. The issue has been subscribed 12.53 times so far, against the 93.99 lakh shares on offer. Retail investors are showing particularly strong interest, with their reserved portion subscribed 19.13 times. The retail category has 46.99 lakh shares on offer.

Adding to the excitement, the IPO’s Grey Market Premium (GMP) stands at around 27%, indicating positive expectations in the unofficial market ahead of the listing. However, GMP can fluctuate sharply and is not a guaranteed indicator of listing gains.

The Rs 124.88 crore Jindal Supreme IPO comprises a fresh issue of 1.07 crore shares worth Rs 99.89 crore and an offer for sale (OFS) of 26.87 lakh shares aggregating to Rs 24.99 crore.


Jindal Supreme has fixed the IPO price band at Rs 88–Rs 93 per share. The lot size is 161 shares, meaning retail investors need to invest a minimum of Rs 14,973 when applying at the upper end of the price band.

The IPO opened for subscription on September 16, 2026, and the bidding window will remain open until September 18, 2026. The allotment is expected to be finalised on September 21, 2026, while the shares are proposed to be listed on both the NSE and BSE on September 23, 2026, subject to the applicable schedule.

Sarthi Capital Advisors Pvt. Ltd. is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. is the registrar.

Jindal Supreme IPO Subscription Status

The Jindal Supreme IPO continued to attract strong investor interest on Day 2 of bidding. As of 11:15 am, the issue was subscribed 12.53 times overall, against the total offer of 93.99 lakh shares.

• Retail Individual Investors (RIIs): The retail portion was subscribed 19.13 times, with 46.99 lakh shares on offer.
• Non-Institutional Investors (NIIs): The NII category was subscribed 12.48 times, against 20.14 lakh shares offered.
• Qualified Institutional Buyers (QIBs): The QIB portion was subscribed 1.03 times, with 20.14 lakh shares reserved for the category.

The strong subscription figures, particularly from retail and non-institutional investors, highlight robust demand for the issue as bidding progresses.

Jindal Supreme IPO GMP Today

The Jindal Supreme IPO GMP (Grey Market Premium) currently stands at Rs 25 per share, or around 27%, based on the upper end of the IPO price band of Rs 93 per share. At the prevailing GMP, the estimated listing price of Jindal Supreme shares works out to approximately Rs 118 per share.

The Grey Market Premium (GMP) is an unofficial market indicator and is neither regulated nor guaranteed. GMP levels can fluctuate significantly before listing, and the actual listing price may differ from the estimated price based on grey market trends.

Where will the Jindal Supreme IPO proceeds be utilised?

The company proposes to utilise the Rs 71 crore net IPO proceeds primarily towards the repayment or pre-payment of certain outstanding borrowings, either in full or in part. The remaining amount, if any, will be used for general corporate purposes.

Financial Perfomance

Jindal Supreme (India) total income increased by 12% from Rs 605 crore in FY25 to Rs 676 crore in FY26. Despite the growth in revenue, profit after tax (PAT) declined by 7% from Rs 24 crore in FY25 to Rs 23 crore in FY26.

About Jindal Supreme (India) Ltd.

Jindal Supreme (India) Limited is a steel products manufacturer with over five decades of experience. The Company manufactures MS black pipes and tubes, galvanized pipes, metal crash barriers and GI tubular poles for infrastructure and industrial applications. Its products are used across water supply and plumbing, construction, roads and highways, bridges, oil & gas, agriculture and rural electrification. The Company expanded into W-beam and Thrie-beam crash barriers in FY2025 and GI tubular poles in FY2026.

The Company operates primarily through a B2B model, serving institutional and industrial customers, infrastructure contractors and dealers. Its manufacturing facility is located in Hisar, Haryana, with in-house mills, welding and galvanizing plants, maintenance and testing facilities. As of June 30, 2026, the Company had 53 dealers and 242 employees, with a strong dealer presence across northern India.

Read more:NSE IPO Tracker: Catch all the highlights here

Should you subscribe?

According to a research report by Master Capital Services, the global steel pipes and tubes market is estimated to expand from USD 245,999.02 million in 2026 to USD 395,563.29 million by 2036, registering a CAGR of 4.86%. The Indian market is projected to grow at a relatively higher CAGR of 5.20%, reaching approximately USD 23,932.99 million by 2036.

The growth in domestic demand is expected to be driven by infrastructure development, rapid urbanisation, industrial expansion and increasing steel consumption. Government expenditure on water supply, energy and industrial infrastructure, coupled with India’s rising steel pipe exports, is likely to provide further support to the sector. Jindal Supreme (India) Limited, with over five decades of experience, an established dealer network and manufacturing facilities in Haryana, is positioned to benefit from these trends. Its expansion into crash barriers and GI tubular poles also provides additional growth opportunities beyond its core pipes and tubes business. Investors may consider the IPO as a potential long-term investment opportunity.

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