The initial public offering (IPO) of Jindal Supreme is set to make its stock market debut on Wednesday, Sept 23. Ahead of its listing on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), the latest grey market premium (GMP) stood at Rs 29, implying a 31.18% premium over the IPO issue price.
Jindal Supreme IPO GMP, Expected Listing Price
The latest Grey Market Premium (GMP) for Jindal Supreme IPO was reported at Rs 29 as of 7:30 a.m. on Sept. 23. With the upper price band of Rs 93, the GMP implies an estimated listing price of Rs 122. This represents an implied premium of 31.18% over the issue price, based on the GMP.
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Note: GMP is entirely unofficial, based on speculative unlisted market demand, and does not guarantee the actual listing price.
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Jindal Supreme IPO Final Subscription Status
The initial public offering (IPO) of Jindal Supreme was oversubscribed 181.07 times by the third and final day of bidding on Sept. 18, according to NSE data.
The category-wise subscription breakdown was as follows:
- Qualified Institutional Buyers (QIB): 126.41 times
- Non-Institutional Investors (NII): 327.99 times
- Retail Investors: 149.34 times
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Jindal Supreme IPO Allotment And Listing Date
The share allotment for the Jindal Supreme IPO was finalised on Monday, Sept. 21. Shares of Jindal Supreme are scheduled to list on the NSE and BSE today, Sept. 23.
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Jindal Supreme IPO Details
Jindal Supreme IPO is a book-build issue of Rs 124.88 crore. The issue is a combination of fresh issue of 1.07 crore shares aggregating to Rs 99.89 crore and offer for sale of 26.87 lakh shares worth Rs 24.99 crore.
The issue price band for the IPO was set between Rs 88 and Rs 93 per share.
Retail investors were required to bid for a minimum lot size of 161 shares, translating to a minimum investment of Rs 14,973 at the upper end of the price band.
Sarthi Capital Advisors Pvt. Ltd. is the book running lead manager and Bigshare Services Pvt. Ltd. is the registrar of the issue.
Jindal Supreme IPO: Use Of Proceeds
The company proposes to utilise the net proceeds from the issue towards repayment/pre-payment, in full or in part, of certain outstanding borrowings (Rs 71 crore). The remaining amount will be used for general corporate purposes.
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About Jindal Supreme (India) Ltd.
Incorporated in March 1974, Jindal Supreme (India) Ltd. has been engaged in the manufacturing and supply of steel pipes, tubes and other steel products catering to infrastructure and industrial applications for over five decades.
Its product portfolio includes Mild Steel (MS) black pipes and tubes, galvanised pipes, metal beam crash barriers and Galvanised Iron (GI) tubular poles.
These products are manufactured in various dimensions as per applicable Indian Standards and are used across water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification, among other applications.
The company primarily follows a B2B business model, with direct sales to institutional and industrial customers, including infrastructure contractors, while also serving customers through its dealer network.
Disclaimer: Investments in IPOs are subject to market risks. Investors should read the red herring prospectus carefully and consult a financial adviser before making investment decisions.
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