Piping solutions firm Jindal Supreme (India) Limited witnessed massive bidding interest from capital market participants during the subscription window of its initial public offering. The public offer originally opened for bidding on September 16 and officially concluded on September 18. According to official data from the National Stock Exchange, the issue garnered an overall subscription of 181.07 times across categories. Against an offering of 93,99,600 equity shares in the Rs 125 crore public offer, the company received cumulative bids for 1,70,19,83,003 shares.
Institutional and Non-Institutional Bidders Drive Massive Demand
Bidding appetite remained robust across institutional and non-institutional buckets throughout the three-day period. The non-institutional investor category led the surge with an overwhelming 327.99 times subscription. Bids from the retail individual investor segment were recorded at 149.34 times, while qualified institutional buyers subscribed 126.41 times their assigned quota. The company had fixed a price band between Rs 88 and Rs 93 per equity share with a face value of Rs 10 each. Given the strong demand reaching 181.07 times, the allotment price has been set at the upper price band of Rs 93 per share.
Retail Lot Allocation and Capital Raising Structure
For retail individual participants, the minimum application threshold was established at a single lot comprising 161 equity shares, requiring a minimum capital outlay of Rs 14,973. Retail investors were eligible to apply for up to a maximum of 13 lots, which represented an investment value of Rs 1,94,649 for a total allocation of 2093 shares. Regarding the composition of the capital raised, the Rs 125 crore issue entails the issuance of 1,07,41,149 fresh equity shares. In addition, an offer for sale component of 26,86,851 shares worth Rs 25 crore is being offloaded by the promoters from their existing ownership.
Allotment Process, Fund Unblocking, and Debut Date
Following the conclusion of bidding, share allotment is slated for Monday, September 21. For applicants receiving an allocation, the equity shares will be credited to their demat accounts on September 22. Unsuccessful applicants will also receive their funds unblocked or refunded on September 22. As a mainboard offering, the company will officially commence trading on both the Bombay Stock Exchange and the National Stock Exchange on September 23.
Grey Market Premium Trends and Listing Expectations
Unofficial market sentiment surrounding the upcoming debut has shown notable activity. According to tracking metrics from investorgain, the unlisted shares traded at a grey market premium of Rs 26.50 on September 19, which translates to an estimated premium of approximately 28.49 percent over the issue price. Earlier during the bidding window on September 17, the unofficial premium had touched a peak level of Rs 30. Market participants note that actual debut prices can fluctuate significantly depending on secondary market momentum and liquidity on the day of listing.
