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SS Retail, Jindal Supreme Surge as Hero Motors Stumbles
Three companies began trading on Indian stock exchanges on the same day.
SS Retail performed best, opening about half higher than the price offered in its IPO.
Jindal Supreme also had a strong debut, opening about 30% above its IPO price.
Hero Motors had a weaker start and opened slightly below its IPO price.
All three companies had received more bids than the number of shares available.
Jindal Supreme received the strongest demand, with its IPO subscribed more than 181 times.
SS Retail’s IPO was subscribed more than 103 times.
Hero Motors’ IPO was subscribed 6.66 times.
The different opening prices show that strong IPO demand does not always guarantee a higher listing.
SS Retail opened at ₹639.10 on BSE and ₹624 on NSE, versus its ₹424 issue price.
Jindal Supreme opened at ₹121.90 on BSE and ₹120 on NSE, against an issue price of ₹93.
Hero Motors debuted at ₹82.10 on BSE and ₹82 on NSE, below its ₹84 issue price.
SS Retail, Jindal Supreme and Hero Motors IPOs were subscribed 103.30, 181.07 and 6.66 times, respectively.
The three companies listed on Wednesday, 23 September, after attracting strong investor demand during their offerings.
- Who
- SS Retail, Jindal Supreme (India) and Hero Motors.
- What
- The three companies made their stock-market debuts with sharply different opening performances.
- Where
- The Indian stock exchanges, including the BSE and NSE.
- When
- Wednesday, 23 September.
- Why
- Their shares began trading after their IPOs attracted varying levels of investor demand.
Positive Interpretation
Cautious Interpretation
Strong IPO demand
Positive Interpretation
The high subscription levels, particularly Jindal Supreme’s 181.07 times subscription and SS Retail’s 103.30 times subscription, indicate substantial investor interest.
Cautious Interpretation
Hero Motors shows that strong subscription demand does not necessarily lead to a profitable listing, as its shares opened below the issue price.
First-day performance
Positive Interpretation
SS Retail and Jindal Supreme delivered substantial listing gains of roughly 29% to 51% over their issue prices.
Cautious Interpretation
The contrasting debut of Hero Motors highlights that IPO outcomes can vary significantly even when several offerings attract strong demand.
Key facts
- SS Retail listing
- ₹639.10 on BSE, up 50.73%; ₹624 on NSE, up 47.17% from the ₹424 issue price.
- Jindal Supreme listing
- ₹121.90 on BSE, up 31.08%; ₹120 on NSE, up 29.03% from the ₹93 issue price.
- Hero Motors listing
- ₹82.10 on BSE, down 2.26%; ₹82 on NSE, down 2.38% from the ₹84 issue price.
- IPO subscription
- SS Retail: 103.30 times; Jindal Supreme: 181.07 times; Hero Motors: 6.66 times.
- SS Retail IPO size
- ₹500 crore, with a price band of ₹403–424 per share.
- Jindal Supreme IPO size
- ₹125 crore, with a price band of ₹88–93 per share.
- Hero Motors IPO size
- ₹1,000 crore, with a price band of ₹79–84 per share.
Sources
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