IPO Listings Today: SS Retail and Jindal Supreme Debut Strong, Hero Motors Opens Below Issue Price

Three newly listed companies had sharply different starts on the stock exchanges on September 23, with SS Retail and Jindal Supreme opening at sizeable premiums while Hero Motors slipped below its issue price. 

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SS Retail delivered the strongest debut of the three. The stock opened at ₹624 on the NSE, 47.17% above its issue price of ₹424. On the BSE, it listed at ₹639.10, a premium of 50.73%. 

The strong opening followed heavy demand during the IPO. SS Retail’s ₹500 crore issue was subscribed 103.30 times, receiving bids for 90.83 crore shares against 87.93 lakh shares available. 

Qualified institutional buyers subscribed their portion 203.61 times, while the non-institutional investor category was booked 143.32 times. Retail investors subscribed 36.36 times. 

The IPO consisted of a fresh issue worth up to ₹360 crore and an offer for sale of shares worth up to ₹140 crore. The price band had been fixed at ₹403-424 per share. 

Jindal Supreme also made a strong market debut. Its shares opened at ₹120 on the NSE, 29.03% above the issue price of ₹93. On the BSE, the stock began trading at ₹121.90, marking a 31.08% premium. 

Its ₹125 crore IPO had attracted even stronger subscription numbers, closing at 181.07 times. Investors bid for 170.19 crore shares against 93.99 lakh shares on offer. 

Demand was highest from non-institutional investors, whose portion was subscribed 327.99 times. The retail quota was booked 149.34 times, while the QIB category saw 126.41 times subscription. 

Jindal Supreme had set a price band of ₹88-93 per share. The issue included a fresh issue of 1.07 crore shares, worth nearly ₹100 crore at the upper end of the band, along with an offer for sale of 26.86 lakh shares worth about ₹25 crore by promoter group entity VVJ Enterprise Pvt Ltd.  

Hero Motors, however, opened below its issue price. 

The stock listed at ₹82 on the NSE, 2.38% below the issue price of ₹84. On the BSE, it opened at ₹82.10, a discount of 2.26%. 

The weaker debut came despite the IPO being subscribed 6.66 times on the final day. The ₹1,000 crore issue received bids for 58.97 crore shares against 8.86 crore shares on offer. 

Non-institutional investors subscribed their portion 9.86 times, while the retail category was booked 8.23 times. The QIB portion saw 1.49 times subscription. 

Hero Motors had also raised nearly ₹300 crore from anchor investors before the IPO. The issue was priced in a band of ₹79-84 per share and comprised a fresh issue worth up to ₹600 crore along with an offer for sale of up to ₹400 crore. 

The September 23 listings ultimately produced three very different openings: SS Retail debuted at a premium of nearly 51% on the BSE, Jindal Supreme gained just over 31%, while Hero Motors began trading slightly below its issue price.