Jindal Supreme IPO: GMP and Subscription Status at a Glance

The grey market premium for Jindal Supreme's initial public offering rose to ₹31 as of 18 September 2026, signalling an estimated listing price of ₹124 against an upper price band of ₹93. If that level holds, the implied premium over the issue price would be about 33.33%.

The premium has been moving unevenly. It started at ₹11 on 9 September, climbed to ₹19 on 10 September, ₹21 on 11 September and ₹25 on 12 September, then held at ₹27 from 13 to 15 September. It dipped to ₹25 on 16 September before recovering to ₹30 on 17 September and ₹31 on 18 September.

Subscription demand was extremely high. By 12:41 PM on 18 September, the IPO was subscribed 166.61 times overall. The non-institutional investor category was subscribed 275.32 times and the retail portion 206.99 times. Within NII, the small NII segment stood at 401.93 times and b-NII at 212.01 times. Investors had bid for 9,399,600 shares, or 58,383 lots.

What the ₹31 Premium and 166.6x Bids Indicate

What the oversubscription numbers say

The 166.61x overall subscription is an unusually strong demand signal. Retail subscriptions of 206.99x mean that for every share available to retail applicants, roughly 207 shares were bid for, which makes allotment highly competitive. The even sharper small NII oversubscription of 401.93x suggests aggressive appetite from smaller non-institutional investors chasing the expected listing gain.

Why the grey market premium is only a sentiment gauge

Grey market premiums are not an official listing forecast. Jindal Supreme's GMP slipped from ₹27 to ₹25 on 16 September before recovering, showing how quickly sentiment can turn. A ₹31 level currently implies a ₹124 listing price, but actual listing performance will depend on final subscription, market conditions at listing and demand in the secondary market.

Where the risk sits

The main risk for applicants is that a large listing gain is already assumed in the premium. If the grey market premium cools before listing, the first-day pop could be smaller than the current ₹31 figure implies. Investors should separate the company's fundamentals from short-term grey market momentum, especially because final subscription may rise further before the issue closes.

For IPO Applicants Before the Listing

For investors tracking the issue, the key figures point to a hot but speculative listing setup:

  • The ₹31 GMP implies a listing around ₹124, a 33.33% premium over the ₹93 upper band. Treat this as an unofficial market signal, not a guaranteed price, because the premium has already fallen from ₹27 to ₹25 on 16 September.
  • Retail subscription of 206.99x means roughly 207 retail shares were bid for every share on offer at the time of the report, so most retail applicants should expect very low allotment odds.
  • Check the final subscription numbers after the issue closes and monitor the GMP immediately before listing; large NII categories and the 401.93x small NII bid can signal where short-term demand is concentrated.