Jindal Supreme IPO sets price band at ₹88-₹93 per share; check lot size and key dates

Steel pipes manufacturer Jindal Supreme (India) Ltd has set a price band of ₹88-₹93 per share for its initial public offering (IPO), seeking to raise ₹124.88 crore. The issue is open from September 16 to September 18.

The initial share sale is a combination of a fresh issue of ₹99.89 crore and an offer for sale (OFS) component of 26.86 lakh shares aggregating to ₹24.99 crore by promoter group entity VVJ Enterprise Private Limited.

The money raised will be used for repayment of certain outstanding borrowings by the company and general corporate purposes.

"Our company expects that the listing of the equity shares will enhance our visibility and our brand image among our existing and potential customers and provide a market for our equity shares to the existing public shareholders of our company," the firm said in its red herring prospectus (RHP).

Jindal Supreme IPO: Lot size

Individual investors can apply for a minimum of 161 shares. Of the net proceeds, 50% is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

Jindal Supreme IPO: Allotment and listing date

The company's equity shares will be listed on both the BSE and NSE on September 23.

Jindal Supreme is involved in the manufacturing and supply of various steel pipes, tubes and catering to the requirements of multiple infrastructure and industrial applications. Its product portfolio includes mild steel black pipes, tubes, galvanised pipes, metal beam crash barriers, and galvanised iron tubular poles.

These products find application in various industry segments such as water supply and plumbing, road & highways, bridges, infrastructure & construction, chemicals, agriculture, oil & gas, rural electrification and others.

Sarthi Capital Advisors is the sole book-running lead manager to the issue, while Bigshare Services is the registrar.