Jindal Supreme IPO: Brokerages largely bullish, see strong growth trend | IPO

Jindal Supreme’s IPO opened for subscription on September 16, with brokerages offering a broadly constructive view on the steel pipes and tubes manufacturer. Master Trust highlighted the company’s long operating history, dealer network and exposure to rising domestic and export demand, while Swastika Securities assigned a ‘Subscribe’ rating, citing its move towards value-added products and post-IPO deleveraging. However, thin margins and exposure to raw-material price movements remain key factors for investors to track. Brokerage view Master Trust Master Trust noted that investors could consider the Jindal Supreme IPO as a potential long-term investment opportunity. The brokerage added that the global steel pipes and tubes market, estimated at $245,999.02 million in 2026, is projected to reach $395,563.29 million by 2036, a CAGR of 4.86 per cent. Within this, the Indian steel pipes and tubes market is forecast to grow faster, from $14,415.83 million in 2026 to approximately $23,932.99 million by 2036, a CAGR of 5.20 per cent, underscoring sustained domestic demand momentum and increasing export integration. “Jindal Supreme is well positioned to benefit from these trends, with over five decades of operating history in steel pipes and tubes manufacturing, an established dealer network across northern India, and a strategically located manufacturing facility in Hisar, Haryana,” the brokerage said. Swastika The brokerage firm has assigned a ‘Subscribe’ rating to Jindal Supreme, noting that the company been engaged in the manufacturing and supply of steel pipes, tubes and other steel products catering to infrastructure and industrial applications for over five decades. Swastika added that the company operates in a low-margin commodity market; the shift into value-added crash barriers combined with aggressive balance sheet de-leveraging post-IPO, creates a solid fundamental case for medium-term tracking. The brokerage firm further added that Jindal Supreme, priced at a discount to peers, with strong RoNW. Thin absolute margins (PAT margin 3–4 per cent) and heavy dependence on steel/raw-material cost movements, plus declining GI-pipe capacity utilisation, warrant monitoring. Transitioning towards higher-margin crash barriers (recently expanded capacity by 75 per cent) and GI poles provides tailwinds from highway and utility tendering. IPO Details Jindal Supreme IPO bidding opened for subscription on Sep 16, 2026 and will close on Sep 18, 2026. IPO is a book build issue of ₹124.88 crores. The issue is a combination of fresh issue of 1.07 crore shares aggregating to ₹99.89 crores and offer for sale of 26.87 lakh shares aggregating to ₹24.99 crores. The issue’s price band is ₹88 to ₹93 per share. The lot size for an application is 161 shares. The Company proposes to utilise the net proceeds towards Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company and general corporate purposes Jindal Supreme has been engaged in the manufacturing and supply of steel pipes, tubes and other steel products catering to infrastructure and industrial applications for over five decades. Its product portfolio includes Mild Steel (MS) black pipes and tubes, galvanised pipes, metal beam crash barriers and Galvanized Iron (GI) tubular poles. These products are manufactured in various dimensions as per applicable Indian Standards and are used across water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification, among other applications. Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers discretion is advised.