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₹88 - 93Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Jindal Supreme (India) Ltd
SteelIPO
₹88 - 93
Founded in 1974, Jindal Supreme (India) Ltd manufactures mild steel black and galvanized pipes, metal beam crash barriers, and tubular poles from a single integrated facility in Haryana, expanding from commodity tube rolling into engineered road infrastructure. The company relies on high-volume steel processing and backward integration (making its own inputs instead of buying them) to convert raw steel coils into certified fluid piping and roadside safety products for public infrastructure projects across northern India.
Lot161Min Invest₹14,973Face Value₹10Issue Size₹125 CrFresh Issue₹100 CrOffer for Sale₹25 Cr
Timeline
16 Sept
Bidding opens
18 Sept
Bidding closes
21 Sept
Allotment
22 Sept
Refund & demat credit
23 Sept
Listing
Subscription · As of 8:00 PM, 18 Sept
Demand by day
CategoryDay 1Day 2Day 3Now+1.02x+11.48x+113.91x126.4x+6.75x+30.86x+290.38x328.0x+11.63x+28.13x+109.58x149.3xOverall+7.55x+23.96x+149.56x181.1x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB126.4x63.53 L80.31 Cr7,468.75NII328.0x19.06 L62.51 Cr5,813.66Retail149.3x44.47 L66.41 Cr6,176.29Total181.1x1.34 Cr243.14 Cr21,397.04
Reports
Offer Details
Terms
Issue Size₹125 Cr1.34 Cr shares
Fresh Issue₹100 Cr
Offer for Sale₹25 Cr
Face Value₹10
Lot Size161 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9731-13 lots
sNII₹2,09,622from 14 lots
bNII₹10,03,191from 67 lots
Managers & Registrar
Lead ManagerSarthi Capital Advisors Private Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrVVJ Enterprise Private Limited (previously known as J J Jindal Infin Private Limited)PRMTR26,86,85124.99Total26,86,85124.99
Shareholding
CategoryPre IPOPost IPOPromoter Group100%73.68%Public0%26.32%
Objects of the Issue
- Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by its Company
- General Corporate Purpose
Anchor Book
Bid Date15-Sep-2026Bid Price₹93Shares40,28,400Amount₹37 Cr30-day lock-in20-Oct-202690-day lock-in19-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 385 | 506 | 645 | 586 | 675 |
| Operating ProfitCr | 28 | 9 | 21 | 26 | 42 |
| OPM% | 7.4 | 1.7 | 3.3 | 4.4 | 6.2 |
| PBTCr | 25 | 2 | 15 | 32 | 30 |
| PATCr | 18 | 1 | 13 | 24 | 23 |
| EPS | 750 | 0 | 3 | 6 | 6 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 2 | 2 | 2 | 2 | 40 |
| ReservesCr | 39 | 39 | 48 | 73 | 57 |
| BorrowingsCr | 60 | 73 | 108 | 99 | 123 |
| Fixed AssetsCr | - | - | - | - | 90 |
| Total AssetsCr | 122 | 135 | 181 | 200 | 248 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -21 | 8 | 20 | 6 | -6 |
| Investing Cash FlowCr | -8 | -16 | -43 | 12 | -10 |
| Financing Cash FlowCr | 28 | 8 | 23 | -18 | 16 |
| Net Cash FlowCr | 0 | 0 | 0 | 0 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- Founder led Company supported by experienced and professional leadership team i.e Abhishek Jindal, Promoter and Managing Director.
- Selling and Distribution network of having dealers 53, 53, 49 and 34 dealers for the period ended June 30, 2026, Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively.
- Experienced Promoter and Management Team with an Employee Base of 242 employees as on June 30, 2026.
Strategies · as stated in the DRHP
- Expansion of Existing Facility Through Internal Accruals.
- Adding More Dealer.
- Capacity Utilization and Operational Efficiency.
Risks · as stated in the DRHP
- Operations at the company's Manufacturing Facility are concentrated at a single location in Hisar, Haryana, and its business is dependent on this facility; any disruption, breakdown, shutdown or adverse local or regional developments could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
- The Company requires significant amount of working capital for a continuing growth. Its inability to meet the company's working capital requirements may adversely affect its results of operations.
- The company's top 10 suppliers contribute 72.31%, 76.23%, 70.92% and 75.73%, of its purchase during the period ended June 30, 2026 and for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Any delay in or shortage from one or more of them may adversely affect the company operations.
- The company's production costs are vulnerable to fluctuations in the prices of raw materials, especially Mild Steel Coils, MS Hot-Rolled Coil, and Galvanizing Materials. Price volatility in these key raw materials can significantly affect its production expenses and overall financial results.
- The company's revenue from operations depends on sale of Black Pipes and Galvanized Pipes. Any changes in the demand or a decline in the demand of the said product, or delays in the placement of orders, may affect its ability to grow or maintain the company's sales, earnings, and cash flow.
- The company derives a significant portion of its revenue from operations from the company's key customers and its top 10 customers contributed to 24.09%, 20.32%, 15.96% and 15.90%, of the company's revenue from operations during period ended June 30, 2026 and in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any decrease in revenue from operations from any of its key customers or any loss of these customers may adversely affect the company's business, financial condition, cash flows and results of operations.