Jindal Supreme IPO subscribed 7.53 times on Day 1 led by retail investors

Jindal Supreme India Ltd's IPO, offering plastic piping solutions and related products, saw a remarkable 7.53 times subscription on its first day, according to data from the National Stock Exchange. The ₹125-crore IPO had bids for 7,07,73,346 shares, exceeding the 93,99,600 shares available for subscription. Retail investors led the surge, with their portion achieving an 11.59 times subscription rate.

Non-institutional investors subscribed 6.74 times, while Qualified Institutional Buyers (QIBs) subscribed 1.02 times. The company has set a price band of ₹88-93 per share for the IPO, with a fresh issue of 1.07 crore equity shares totaling nearly ₹100 crore at the high end of the price range. Additionally, an Offer-for-Sale (OFS) comprising 26.86 lakh shares worth ₹25 crore was offered by the promoter group entity VVJ Enterprise Pvt Ltd. The proceeds from the fresh issue will be utilized for debt repayment and general corporate purposes.

The equity shares will be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 23. Sarthi Capital Advisors is the book-running lead manager, while Bigshare Services is acting as the registrar for the IPO.