IPO Allotments Nearing for Hero Motors, SS Retail and Jindal Supreme

Three prominent Indian public issues, including Hero Motors, SS Retail, and Jindal Supreme, have officially concluded their respective subscription windows, setting the stage for share allotment finalization. The initial public offerings, which collectively span the automotive technology, retail, and steel sectors, closed after three days of bidding that drew varying degrees of investor participation across retail, non-institutional, and institutional categories.

With bidding completed, attention across the primary market has shifted to the impending share allocation results and grey market trends. Market participants are closely monitoring the final subscription multiples and grey market premiums to gauge expected listing performance as registrars prepare to process allotments.

Jindal Supreme concluded its book-building issue with robust overall subscription figures, reaching 177 times the shares on offer. The Rs 124.88 crore public offering, which ran from September 16 to September 18, set its price band at Rs 88 to Rs 93 per share. The non-institutional investor segment experienced particularly heavy demand, while retail and qualified institutional buyer portions also saw strong oversubscription.

In the unofficial grey market, Jindal Supreme shares commanded a premium, with rates fluctuating prior to allotment. Based on the upper boundary of the price band and prevailing unofficial premiums, analysts estimate a potential listing gain over the initial issue price of Rs 93. Allotment processing for the steel pipe and tube manufacturer is managed through Bigshare Services, with official status disclosures scheduled for September 21.

SS Retail recorded the strongest unofficial premium among the active cohort, driven by extensive demand across investor categories. The Rs 500 crore multi-brand retail offering surpassed subscription targets significantly, propelled by heavy non-institutional interest that exceeded 150 times the portion allocated to that group. Qualified institutional buyers and retail bidders also submitted substantial applications during the three-day bidding window.

Trading in the grey market reflected positive sentiment for the company, which operates a multi-brand retail chain spanning multiple states in Tier II and Tier III cities. The prevailing premium suggests an estimated listing price well above the upper end of the Rs 403 to Rs 424 price band. Registrations and allotment checks for SS Retail are handled through Kfin Technologies, aligning with the September 21 finalization timeline.

Hero Motors concluded its Rs 1,000 crore public issue, comprising a fresh issue and an offer for sale, with moderate subscription levels compared to its peers. The automotive technology company, which supplies engineered powertrain solutions globally, recorded an overall subscription of approximately 7.01 times during its bidding period.

The retail portion of the Hero Motors issue was subscribed 8.6 times, while non-institutional investors bid for 10.47 times the available shares. Unlike its counterparts, the grey market premium for Hero Motors moderated to zero, with estimated listing prices aligning closely with the upper issue price band of Rs 84 per share. Investors can verify allotment status through BSE, NSE, and registrar Kfin Technologies ahead of the scheduled refund and credit milestones.