IPO
Steel pipes & tubes producer Jindal Supreme’s Rs.125-Cr IPO subscribed 181x
Rediff Jindal Supreme (India) Ltd
The initial public offering (IPO) of Hisar, Haryana-based Jindal Supreme (India) Ltd was subscribed 181.07 times. The transaction was managed by Sarthi Capital Advisors, which acted as the book running lead manager.The public offering included a fresh issue of 1.07 crore equity shares and an offer-for-sale of 26.86 lakh shares by the promoter group entity VVJ Enterprise Pvt Ltd. Non-Institutional Investors (NIIs) subscribed 327.99 times, followed by retail investors at 149.34 times and Qualified Institutional Buyers (QIBs) at 126.41 times. The shares were offered at a price band of INR 88 to INR 93 per share.Ahead of the public issue, Jindal Supreme mobilised INR 37.46 crore through its anchor book by issuing 40.28 lakh shares.Jindal Supreme (India) Ltd , established in 1974, manufactures mild steel black pipes and tubes, galvanised pipes, metal beam crash barriers and galvanised iron tubular poles. Its products are used in water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil and gas, chemicals, agriculture and rural electrification.The firm plans to use the proceeds from the fresh issue of shares for debt repayment.
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