Today marks the final day of bidding for three IPOs — Hero Motors, SS Retail and Jindal Supreme — which opened for subscription on September 16. The three issues span the automotive, retail and steel sectors, giving investors different opportunities to consider as the subscription window closes.
With bidding ending today, attention is also turning to the latest IPO GMP, with the three issues showing notably different grey market trends.
The allotment for all three IPOs is expected to be finalised on September 21, 2026. The shares are scheduled to list on both the NSE and BSE, with September 23, 2026, set as the tentative listing date.
Here is a look at the latest IPO GMP, issue size, subscription status, review, price band and other key details of Hero Motors, SS Retail and Jindal Supreme.
Hero Motors IPO
Hero Motors IPO GMP today, or grey market premium, is +4. Based on the upper end of the IPO price band and the prevailing GMP, the estimated listing price works out to ₹88 per share, indicating a 4.76% premium over the IPO price of ₹84.
The Hero Motors IPO has been priced in the ₹79 to ₹84 per share range. The issue has received around 7.3x subscription so far. Retail investors have bid for 10.5x the shares reserved for them, while the NII portion has been subscribed 9.3x. The QIB segment has received bids for 0.11x the shares on offer.
The ₹1,000 crore issue includes a fresh issue of 7.14 crore shares worth ₹600.00 crore and an offer for sale of 4.76 crore shares aggregating to ₹400.00 crore. The IPO has a lot size of 178 shares for retail applicants. At the upper end of the price band, investors need ₹14,952 to apply for one lot.
ICICI Securities Ltd. is the book running lead manager, while Kfin Technologies Ltd. is handling the registrar responsibilities.
Should you buy: Swastika Investmart maintained a Neutral view, citing Hero Motors’ strong business and EV growth potential, but said the elevated valuation left limited upside cushion.
On the investment outlook, Swastika Investmart highlighted Hero Motors’ position in the powertrain market and its early-mover advantage in global e-bike CVT hubs. “Leading powertrain provider with first-mover advantage in global ebike CVT hubs. P/E of ~69–74x vs peer average of 50.2x, leaving limited upside cushion,” Swastika Investmart said.
The brokerage noted that the company’s RoNW had improved to 8.53%, while its EBITDA margin rose to around 10.2%, although both metrics remained below those of key peers. It also pointed to customer concentration, with the top 10 customers accounting for around 73–78% of revenue.
Established in April 1998, Hero Motors Limited is an automotive technology company involved in designing, developing, manufacturing and supplying engineered powertrain solutions to automotive OEMs across the United States, Europe, India and the ASEAN region. Its offerings cover both electric and non-electric powertrains.
SS Retail IPO
SS Retail is commanding a grey market premium of +140 ahead of its expected market debut. At the upper end of the issue price band, this places the estimated listing price at ₹564 per share, translating into a 33% premium over the IPO price of ₹424.
The ₹500.00 crore public issue has seen more than 32x subscription so far. Demand has been strongest from non-institutional investors, whose portion has been subscribed 78x. The retail category has received 27x bids, while the QIB portion is booked 10.5x and the employee segment 2.14x.
The issue is structured with a fresh issue of 85.08 lakh shares that will raise ₹360.00 crore, along with an offer for sale of 33.02 lakh shares amounting to ₹140.00 crore. SS Retail has kept the price band between ₹403 and ₹424 per share. One application lot consists of 35 shares, putting the minimum retail investment at ₹14,840 based on the upper price band. The company has also reserved up to 3,00,752 shares for employees, which will be offered at a discount of ₹25.00 to the issue price.
Anand Rathi Advisors Ltd. is the book running lead manager, while Kfin Technologies Ltd. is the registrar of the issue.
Should you subscribe: Swastika has a neutral call on the issue. At around 46.5x FY26 P/E, it believes a large part of the company’s operational upside is already reflected in its valuation, leaving limited margin of safety for retail investors.
On the investment case, Swastika pointed to SS Retail’s scale in the organised mobile retail market. “Largest mobile retail chain in West India/Maharashtra and 3rd largest nationally, with the fastest store-count growth,” Swastika said.
The brokerage also highlighted the company’s 30.6% ROE and 29.3% ROCE, which it said were ahead of organised retail peer EMIL, where ROE is around 6.8%. According to Swastika, the strong return ratios are linked to the store density of the COFO model, which uses franchisee capital for store fit-outs. It added that companies such as Aditya Vision and Electronics Mart India are valued at 50x–60x P/E. However, it cautioned that SS Retail has greater exposure to lower-margin mobile hardware compared with higher-margin home appliances, making a direct valuation comparison difficult.
SS Retail Ltd., incorporated in June 2016, operates a multi-brand retail chain selling mobile phones, accessories and other electronic products. Its operations span Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat, with a focus on Tier II, Tier III and beyond cities. As of March 31, 2026, the company had 503 stores across 215 cities, covering approximately 2,41,365 sq. ft.
Jindal Supreme IPO
Jindal Supreme’s grey market premium has risen to +31, with the current premium indicating an estimated listing price of ₹124 per share when calculated against the upper end of the IPO price band. That would mean a 33.11% gain over the issue price of ₹93.
The IPO has attracted exceptionally strong bidding, with overall subscription reaching almost 84x. The NII segment has been subscribed 167x, followed by retail investors at 90x and QIBs at 14x.
Jindal Supreme is seeking to raise ₹124.88 crore through the issue. The offering includes a fresh issue of 1.07 crore shares worth ₹99.89 crore and an offer for sale of 26.87 lakh shares valued at ₹24.99 crore. The IPO has been priced in the ₹88 to ₹93 range. Investors can bid for a minimum of 161 shares, while a retail applicant would need ₹14,973 for one lot at the upper end of the price band.
Sarthi Capital Advisors Pvt. Ltd. is the book running lead manager and Bigshare Services Pvt. Ltd. is the
Should you buy: Swastika has a ‘subscribe’ rating on the issue. It highlighted Jindal Supreme’s long operating history and diversified steel product portfolio while assessing the issue.
“Established steel-pipe/tube manufacturer with a diversified product mix (MS pipes, GI pipes, crash barriers, tubular poles) and a 50+ year operating history in Hisar,” Swastika said.
The brokerage added that the company is available at a discount to its peers and has strong RoNW. However, it flagged the business’s thin absolute margins, with PAT margin at around 3–4%, along with its heavy dependence on movements in steel and other raw-material costs.
Declining utilisation of GI-pipe capacity is another factor that Swastika said needs to be monitored. At the same time, the company is moving towards higher-margin crash barriers and has recently increased capacity in that segment by 75%. Its GI poles business could also benefit from highway and utility tendering.
Jindal Supreme (India) Limited was incorporated in March 1974 and has been manufacturing and supplying steel pipes, tubes and other steel products for infrastructure and industrial applications for over five decades. Its product portfolio includes Mild Steel (MS) black pipes and tubes, galvanized pipes, metal beam crash barriers and Galvanized Iron (GI) tubular poles.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
