SS Retail and Jindal Supreme (India) surged as much as 51 percent and 31 percent respectively on their September 23 stock market debut, while auto components maker Hero Motors listed at a slight discount to its issue price.
Three Debuts, Two Different Outcomes
Three companies, Hero Motors, SS Retail and Jindal Supreme (India), made their stock market debuts on Wednesday, September 23, 2026. All three issues were open for subscription between September 16 and September 18, and together they raised nearly Rs 1,625 crore from investors across the three offerings.
The listings split sharply by outcome. SS Retail and Jindal Supreme delivered strong debuts that matched or exceeded their grey market indicators, while Hero Motors listed close to flat and slightly below its issue price on one exchange, consistent with the muted grey market premium it had carried in the days before listing.
SS Retail's Strong Debut
SS Retail shares listed at Rs 639.10 on the BSE, a premium of 50.73 percent over the issue price of Rs 424, and at Rs 624 on the NSE, a premium of 47.17 percent. Ahead of the listing, the stock had commanded a grey market premium of around Rs 155 to Rs 160 a share, which had already signalled a strong debut.
The company raised a total of Rs 500 crore through its IPO, selling shares in a price band of Rs 403 to Rs 424 apiece. The issue was subscribed more than 103.30 times overall, drawing close to 40.98 lakh applications. Anand Rathi Advisors and Emkay Global Financial Services were the book running lead managers, with Kfin Technologies as registrar.
Jindal Supreme's Debut
Jindal Supreme (India) listed at Rs 121.90 on the BSE, a premium of 31.08 percent over its issue price of Rs 93, and at Rs 120 on the NSE, a premium of 29.03 percent. The stock had carried a grey market premium of around Rs 25 to Rs 30 a share ahead of listing, pointing to a positive but more modest debut than SS Retail's.
The steel pipes and tubes manufacturer, which caters to infrastructure and industrial applications, raised Rs 125 crore through a combination of a Rs 100 crore fresh issue and a Rs 25 crore offer for sale, in a price band of Rs 88 to Rs 93 with a lot size of 161 shares. The issue was subscribed 181.07 times overall, the highest subscription multiple among the three debuts, fetching more than 20.38 lakh applications. Sarthi Capital Advisors was the sole book running lead manager, with Bigshare Services as registrar.
Hero Motors' Weak Listing
Hero Motors shares listed at Rs 82 on the NSE, a discount of 2.38 percent to the issue price of Rs 84, and at Rs 82.10 on the BSE, also below the issue price by a similar margin. Even ahead of the listing, the stock's grey market premium had fizzled out into negative territory, having earlier touched as high as Rs 24, or 28.5 percent, before fading over the final days of bidding.
The auto components manufacturer raised a total of Rs 1,000 crore through its IPO, selling shares in a price band of Rs 79 to Rs 84. The issue was subscribed 6.66 times overall, well behind the other two debutants, drawing nearly 16.26 lakh applications. DAM Capital Advisors, ICICI Securities and JM Financial were the book running lead managers, with Kfin Technologies as registrar.
| Company | Issue Price | Listing Price (BSE) | Change | Amount Raised |
| SS Retail | Rs 424 | Rs 639.10 | +50.73% | Rs 500 crore |
| Jindal Supreme (India) | Rs 93 | Rs 121.90 | +31.08% | Rs 125 crore |
| Hero Motors | Rs 84 | Rs 82.10 | About -2.3% | Rs 1,000 crore |
Why the Outcomes Diverged
Subscription levels ahead of listing were a fairly reliable guide to how each stock behaved on debut. Jindal Supreme's 181.07 times overall subscription and SS Retail's 103.30 times subscription both reflected strong institutional and retail appetite during the bidding window. Hero Motors, in comparison, drew a comparatively modest 6.66 times subscription, and its grey market premium had already turned negative in the days before listing, a signal that typically points to a subdued or discounted debut.
Company size and sector may also have played a role. Hero Motors, the largest of the three issues at Rs 1,000 crore, operates in the more capital intensive and lower margin auto components space, while SS Retail and Jindal Supreme are smaller issues in retail and industrial steel products respectively, sectors where investor appetite for smaller, high growth names has been comparatively stronger this year.
Also Read: Ola Electric Shares Jump 12% on New S1Z Scooter Launch
What Comes Next
Listing day performance reflects immediate investor demand rather than a company's long term prospects, and early gains or losses can narrow or widen considerably in the sessions that follow. For Hero Motors specifically, a discounted listing means investors who were allotted shares are currently sitting on notional losses relative to their issue price, a position that will only resolve once trading stabilises over the coming weeks.
