Jindal Supreme Re-files Initial Public Offering (IPO) Application with Securities and Exchange Board of India (SEBI)
Detailed Analysis
Jindal Supreme Refiles Draft Papers for IPO to Raise Funds for Debt Reduction
Haryana-based steel pipes and tubes maker Jindal Supreme (India) has refiled its draft papers with the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO) for the primary purpose of debt reduction.
The 1.34 crore shares IPO comprises of fresh issuance of 1.07 crore equity shares, and an offer-for-sale of 26.86 lakh shares by promoter entity VVJ Enterprise, as per the draft red herring prospectus (DRHP) filed on April 13. The company has not made any changes in the number of shares issuing via the IPO. Earlier, it had filed preliminary papers with SEBI in December 2025, which subsequently were withdrawn in March 2026.
Jindal Supreme is a leading manufacturer of mild steel black pipes, tubes, galvanized pipes, metal beam crash barriers, and galvanized iron tubular poles, which are used in various industry segments such as water supply and plumbing, infrastructure & construction, road & highways, bridges, oil & gas, chemicals, and agriculture. The company was incorporated in 1974 by late Madan Lal Jindal, the grandfather of promoter Abhishek Jindal.
The company proposes to utilize Rs 77 crore of proceeds from the fresh issue for repayment of certain borrowings, and the remainder funds for general corporate purposes. If the IPO plans fructify this year, the public issue money may help the company reduce debt burden significantly. As of December 2025, the company had total borrowings of Rs 92.16 crore on a consolidated basis and accrued interest on borrowings.
Financial Performance | Fiscal Year | Profit (Rs crore) | Revenue (Rs crore) | | --- | --- | --- | | 2025 | 24.26 | 586.4 | | 2024 | 12.87 | 645.4 | | 9 months (ended December 2025) | 16.3 | 489.65 |
On the financial front, the company's profit nearly doubled to Rs 24.26 crore in fiscal 2025 from Rs 12.87 crore in the previous year. However, revenue during the same period fell 9.1 percent to Rs 586.4 crore from Rs 645.4 crore. For the nine months period ended December 2025, the company's profit was Rs 16.3 crore and revenue was Rs 489.65 crore.
Sarthi Capital Advisors has been appointed as the merchant banker for the Jindal Supreme IPO.
