Jindal Supreme India has finalized share allotment for its Rs 124.88 crore IPO, which was subscribed 181 times. Shares are set to list on September 23 at an issue price of Rs 93. While demand was strong, investors should note that the company plans to use a significant portion of funds for debt reduction, and keep an eye on its recent financial performance where profit declined despite rising revenue.
Jindal Supreme India has completed the allotment process for its initial public offering (IPO), which concluded on September 18. The company received massive interest from investors, resulting in a subscription of 181.07 times the total shares offered. With the allotment process finished, the focus now shifts to the stock market debut, scheduled for September 23.
The steel pipes manufacturer raised Rs 124.88 crore through this IPO. A key part of the company's plan for this money is debt reduction. Out of the total proceeds, Jindal Supreme intends to use Rs 71 crore to pay off existing borrowings. As of June 2026, the company reported total debt of approximately Rs 92.46 crore. Reducing this debt is a strategic move, as it could help lower interest costs and improve the company’s financial health in the coming quarters.
While investor demand for the IPO was high, the company’s recent financial results show a mixed picture that shareholders should monitor. In the 2026 financial year, the company reported a revenue of Rs 675.4 crore, which was a 15.2% increase compared to the previous year. However, its profit dropped by 7.2% to Rs 22.5 crore during the same period. This decline suggests that the company faced rising costs or pressure on its profit margins despite higher sales. Ongoing manufacturing operations are based in Hisar, Haryana, and the company plans to use the remaining IPO funds for general corporate purposes.
The IPO price was fixed at Rs 93 per share. Before the listing, the stock was trading in the grey market, which is an unofficial platform where traders speculate on potential listing gains. While some reports indicated a premium of around Rs 29 per share in the grey market, it is important for investors to remember that these figures are based on market sentiment and do not guarantee the actual performance of the stock on the day it lists on the exchange. The actual price on the listing day will be determined by demand and supply in the open market.
Institutional confidence was also visible during the IPO process, with the company securing Rs 37.46 crore from anchor investors, including the Craft Emerging Market Fund. Looking ahead, investors may want to track how the company manages its debt after the repayment and whether it can improve its profit margins in upcoming quarterly reports, especially given the increased revenue but lower annual profit seen in FY26.