Jindal Supreme’s initial public offering (IPO) attracted exceptional investor interest, with the issue oversubscribed 83.69 times as retail and non-institutional investors lead demand, signalling strong market confidence in the steel pipes manufacturer’s growth and cleaner balance sheet.
Jindal Supreme (India) drew a rush of investor interest on the final day of its initial public offering, with the issue subscribed 83.69 times by 12:53 pm on Friday, according to data on the NSE cited by Zee Business. The Rs 124.88 crore offer was led by demand from non-institutional investors, whose portion was booked 161.82 times, while retail investors subscribed 90.13 times and qualified institutional buyers 13.82 times. The issue opened on September 16 and closed on September 18, with allotment due on September 21 and a planned listing on the BSE and NSE on September 23.
The company is offering a mix of fresh shares and a small offer for sale, and has set the price band at Rs 88 to Rs 93 apiece with a lot size of 161 shares. At the top end of the range, a retail application requires a minimum outlay of Rs 14,973. According to the issue details, about Rs 71 crore of the proceeds is earmarked for debt repayment, with the balance going towards general corporate purposes.
Jindal Supreme’s latest reported numbers show a business that is still growing, even as profit has edged lower. Zee Business said total income rose to Rs 675.94 crore in FY26 from Rs 604.74 crore a year earlier, while profit after tax slipped to Rs 22.53 crore from Rs 24.27 crore. Independent IPO tracking sites also noted that the company’s leverage improved over the period, with the debt-to-equity ratio falling to 1.24 times in FY26, reflecting a cleaner balance sheet as it seeks to tap the public markets. The company, which makes steel pipes, tubes and related products for infrastructure and industrial use, has been operating for more than five decades.
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