Jindal Supreme (India), a steel pipe maker from Hisar that has been running since 1974, is midway through a Rs 124.88 crore public issue that closes on 18 September 2026. By the second evening of bidding, the offer was already covered more than 31 times, and small investors were doing most of the pushing.

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Retail and wealthy investors drive the rush

Demand built fast. The issue closed Day 1 at 7.42 times, then jumped to roughly 31 times by 5 PM on Day 2, according to exchange subscription data.

Retail was the loudest bidder, followed closely by the non institutional or HNI segment. Institutions, whose portion is counted separately from the anchor book, moved in more slowly, as they often do before the final day.

The company raised Rs 37.46 crore from anchor investors on 15 September, a day before the issue opened. What the grey market makes of all this is the next question.

What is the Jindal Supreme IPO grey market premium saying?

The grey market premium, or GMP, is the extra amount some traders are willing to pay for IPO shares in an informal market before listing. For Jindal Supreme it climbed from Rs 11 on 9 September to around Rs 27 by mid month, then eased to roughly Rs 21 to Rs 28 on 17 September.

Treat that number with care. GMP is unofficial, unregulated, and not published by any exchange, and it does not forecast the actual listing price, which is set only by demand on listing day. Premiums often swing hard once an issue opens, as they did for Xtranet Technologies, whose GMP halved from its peak, and a real debut can still land above the grey market, as happened with Caliber Mining.

A 1974 pipe maker raising cash to cut debt

Jindal Supreme, once known as Janak Steel Tubes, makes mild steel black pipes, galvanised pipes, metal beam crash barriers and GI tubular poles. Its products go into water supply, roads, construction, agriculture and power. Its plant in Hisar, Haryana had an installed capacity of 171,000 tonnes a year in FY26.

Unlike issues that mainly let early backers cash out through an offer for sale, about 80 percent of this issue is fresh money. The company’s red herring prospectus lists repayment of Rs 71 crore of borrowings as the main use of those funds.

Total income rose from Rs 586.40 crore in FY25. At the Rs 93 upper price, the shares are valued at roughly 14 times earnings, modest next to the richly priced new age names listing this season.

One of several issues crowding this IPO week

The primary market is busy. Jindal Supreme is bidding alongside the far bigger NSE IPO, and it follows a run of debuts and anchor rounds like MV Electrosystems. For anyone tracking IPO GMP today across these names, the same rule holds: sentiment is not a forecast.

The steel pipes and tubes market gives the story a backdrop. India’s segment was worth about USD 14.4 billion in 2026 and is projected to reach USD 23.9 billion by 2036, growing near 5.2 percent a year on the back of government spending on water, highways and industrial corridors.

Key dates and how to apply

Sarthi Capital Advisors is the book running lead manager and Bigshare Services is the registrar. Applications go through any broker using UPI or ASBA, at a minimum of one lot of 161 shares, which costs Rs 14,973 at the cutoff price.

Live subscription figures are published on the NSE and BSE websites, and allotment can be checked from 21 September on the Bigshare Services portal using a PAN or application number. Remember that any gains on listed shares are taxable in India.

Frequently asked questions

New to reading an order book or a prospectus? Start with the free trading course at Bimal Institute and learn to judge an IPO on its numbers, not its noise.