Jindal Supreme (India) Ltd’s ₹125-crore IPO saw robust demand by the close of the second day, reaching 31.5 times subscription. Retail and non-institutional interest drove the bulk of the bids. The company is raising funds primarily for debt repayment and general corporate purposes, with shares expected to list on September 23.
Jindal Supreme (India) Ltd has seen significant market interest in its ₹125-crore initial public offering. By the end of the second day of bidding, the issue was subscribed 31.50 times, with total bids reaching approximately 29.6 crore shares against an offer of roughly 94 lakh shares. This participation indicates a strong appetite among investors for the manufacturing company's public debut.
Retail investors have led the subscription, oversubscribing their reserved quota 39.74 times. Non-institutional investors also recorded high engagement, with their segment subscribed 37.60 times. Meanwhile, Qualified Institutional Buyers showed more tempered activity, registering a subscription of 12.50 times by the end of the second day.
The IPO structure includes a fresh issue of 1.07 crore equity shares alongside an offer-for-sale of 26.86 lakh shares by the promoter group entity, VVJ Enterprise Pvt Ltd. The company has priced the shares within a range of ₹88 to ₹93. Management has stated that the proceeds from the fresh issue will be utilized primarily for debt servicing and supporting general corporate growth. For long-term investors, the company's ability to deleverage its balance sheet effectively after the IPO will be a key factor to track.
The issue is managed by Sarthi Capital Advisors, with Bigshare Services serving as the registrar. The shares are scheduled to debut on the Bombay Stock Exchange and the National Stock Exchange on September 23.