Jindal Supreme IPO opens today, September 16, with a ₹124.88 crore mainboard issue priced between ₹88 and ₹93 per share
Jindal Supreme (India) Limited launched its initial public offering on Wednesday, September 16, 2026, marking the steel pipe maker’s entry into the stock market. The mainboard IPO will remain open for bidding until Friday, September 18, giving investors a three-day window to apply.
The company has fixed its price band between ₹88 and ₹93 per equity share. At the upper end, the IPO aims to raise ₹124.88 crore from the market, making it a mid-sized mainboard listing this season.
The issue is a mix of fresh shares and an offer for sale. Jindal Supreme will issue new shares worth ₹99.89 crore, while existing shareholder VVJ Enterprise Private Limited will sell shares worth ₹24.99 crore through the offer-for-sale route. This means the company itself will only receive money from the fresh issue portion.
For retail investors, the minimum lot size is 161 shares. At the top price of ₹93, that works out to an investment of ₹14,973 per lot. Retail buyers can apply for up to 13 lots, which comes to 2,093 shares and a total outlay of roughly ₹1,94,649.
Founded back in March 1974, Jindal Supreme has spent more than five decades manufacturing steel pipes, tubes, and related products. Its factory in Hisar, Haryana handles everything from Mild Steel black pipes to galvanized pipes, metal beam crash barriers, and Galvanized Iron tubular poles. These products serve industries ranging from water supply and road construction to oil and gas and rural electrification.
Managing Director Abhishek Jindal, who brings over 18 years of industry experience, leads the company. As of June 2026, Jindal Supreme employed 242 permanent staff members.
On the financial side, the company posted revenue of ₹675.94 crore for FY26, up from ₹604.74 crore the previous year. However, profit slipped slightly to ₹22.53 crore from ₹24.27 crore in FY25, reflecting thin margins typical of the steel products business.
Brokerages have largely welcomed the offering. Master Trust pointed to the company’s long operating history and strong dealer network across northern India as key strengths. The brokerage also flagged that the global steel pipes and tubes market, valued at nearly $246 billion in 2026, is expected to grow at a 4.86% annual rate through 2036, with India’s domestic market growing even faster at 5.20% annually.
Swastika Securities assigned a ‘Subscribe’ rating, citing the company’s shift toward higher-margin products like crash barriers, where capacity has expanded by 75%. The brokerage noted Jindal Supreme is priced at a discount compared to peers and has a strong return on net worth of 26.28%.
Still, analysts caution that PAT margins remain thin at 3-4%, and the business stays exposed to swings in raw steel prices. Declining utilization in the GI pipe segment is another factor worth watching.
Grey market activity around the IPO has been mixed, with premiums ranging between roughly ₹14 and ₹27 in the days before listing, though such figures remain unofficial and can shift quickly.
Allotment is expected to be finalized on September 21, with shares credited to demat accounts by September 22. The stock is scheduled to debut on both the BSE and NSE on September 23, 2026.
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