Archive · 23 Sep 2026
SS Retail Leads IPO Debuts as Hero Motors Recovers
Three companies started trading their shares in India on the same day.
SS Retail had the strongest performance, opening well above its IPO price and rising further by the close.
Jindal Supreme also opened strongly and finished higher.
Hero Motors initially opened below its IPO price, which looked disappointing.
However, Hero Motors recovered during the day and closed above its IPO price.
The three IPOs had received many more applications than the number of shares available.
Jindal Supreme had the highest subscription level, at more than 181 times.
SS Retail was subscribed more than 103 times, while Hero Motors was subscribed 6.66 times.
This shows that a stock can have a weak opening but still finish strongly on its first trading day.
SS Retail opened at ₹639.10 on BSE and ₹624 on NSE, above its ₹424 issue price, then closed at ₹765.15 on BSE and ₹748.80 on NSE.
Jindal Supreme opened at ₹121.90 on BSE and ₹120 on NSE, compared with its ₹93 issue price, and closed at ₹126.
Hero Motors opened below its ₹84 issue price at ₹82 on NSE and ₹82.10 on BSE, but later closed at ₹98.40, according to the reports.
The IPOs were subscribed 103.30 times for SS Retail, 181.07 times for Jindal Supreme and 6.66 times for Hero Motors.
The three companies began trading on Wednesday, 23 September, after raising ₹500 crore, ₹125 crore and ₹1,000 crore, respectively.
- Who
- SS Retail, Jindal Supreme (India) and Hero Motors.
- What
- The three companies listed on Indian stock exchanges with different opening performances and higher closing prices.
- When
- Wednesday, 23 September; one report was published on 23 September 2026.
- Where
- The Bombay Stock Exchange and the National Stock Exchange of India.
- Why
- Their shares began trading after their initial public offerings attracted varying levels of investor demand.
Positive Closing Performance
Cautious Opening Performance
First-day returns
Positive Closing Performance
All three stocks closed above their IPO prices, with SS Retail and Jindal Supreme delivering substantial gains and Hero Motors closing at ₹98.40.
Cautious Opening Performance
Hero Motors initially opened below its ₹84 issue price, while the other two stocks opened at significant premiums.
Investor demand
Positive Closing Performance
The subscription figures show strong demand, particularly for Jindal Supreme at 181.07 times and SS Retail at 103.30 times.
Cautious Opening Performance
Hero Motors demonstrates that even an IPO subscribed 6.66 times can have a weak debut, so subscription demand alone does not determine the opening price.
- SS Retail opening
- ₹639.10 on BSE, up 50.73%, and ₹624 on NSE, up 47.17%, from the ₹424 issue price.
- SS Retail closing
- ₹765.15 on BSE and ₹748.80 on NSE; the report described gains of 80.4% and 76.6% from the issue price.
- Jindal Supreme opening and closing
- Opened at ₹121.90 on BSE and ₹120 on NSE against a ₹93 issue price; it closed at ₹126, with a reported 35.5% return.
- Hero Motors opening and closing
- Opened at ₹82 on NSE and ₹82.10 on BSE against an ₹84 issue price; it later closed at ₹98.40, a reported 17.14% gain from the issue price.
- Subscription levels
- SS Retail: 103.30 times; Jindal Supreme: 181.07 times; Hero Motors: 6.66 times.
- IPO sizes
- SS Retail raised ₹500 crore, Jindal Supreme ₹125 crore and Hero Motors ₹1,000 crore.
- Reported discrepancy
- One passage incorrectly describes Jindal Supreme’s issue price as ₹424; the other reports consistently identify it as ₹93.
