According to reports from Upstox, Jindal Supreme India has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering. The proposed share sale will comprise a fresh issuance of 1,07,41,149 shares and an offer for sale (OFS) component of 26,86,851 shares by promoter VVJ Enterprise Private Limited. The net proceeds from the fresh issue will be utilized for repayment of certain outstanding borrowings and general corporate purposes.
As reported by Upstox, half of the net offer will be set aside for qualified institutional buyers (QIBs), 35% for retail individual investors, and 15% for non-institutional investors (NIIs). Sarthi Capital Advisors serves as the sole book-running lead manager for the issue, while Bigshare Services acts as the registrar. The company's shares will be listed on both the National Stock Exchange (NSE) and BSE upon completion of the IPO process.
According to Upstox, Jindal Supreme (India) Ltd manufactures and supplies an array of steel pipes and tubes, catering to multiple infrastructure and industrial applications. The company's product portfolio includes mild steel black pipes, galvanised pipes, tubes, metal beam crash barriers, and galvanised iron tubular poles. These products are manufactured in various dimensions to meet customer needs and are made as per Indian Standards, ensuring durability and compliance with both domestic and international benchmarks. The manufacturing unit is located in Hisar, Haryana.
As reported by Upstox, the company stated in its DRHP that it expects the listing of equity shares to enhance visibility and brand image among existing and potential customers. The listing is also expected to provide a market for equity shares to existing public shareholders. The steel pipes manufacturer serves various industry segments including infrastructure & construction, road & highways, water supply and plumbing, bridges, chemicals, agriculture, oil & gas, and rural electrification.
