Absolute Projects and Jindal Supreme Receive SEBI Approval for IPO

Absolute Project (India) Limited and Jindal Supreme Limited have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offerings (IPOs). The approvals allow the companies to move forward with their proposed public issues, adding to the upcoming IPO pipeline across the infrastructure, engineering, and manufacturing sectors.

Absolute Projects IPO - Issue Details

• Issue Type: Book-Built Issue
• Total Issue Size: Up to 2.00 crore equity shares
• Fresh Issue: Up to 2.00 crore equity shares
• Offer for Sale (OFS): Not Applicable
• Face Value: ₹2 per share
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): Cumulative Capital Private Limited
• Registrar to the Issue: MUFG Intime India Private Limited

Utilisation of Absolute Projects IPO Proceeds

The company intends to utilise the net proceeds from the fresh issue towards:

• Funding capital expenditure towards:
1. Procurement of plant and machinery for the modernisation of Manufacturing Facility I.
2. Procurement of plant and machinery for commencing operations at Manufacturing Facility II.
3. Purchase of equipment and machinery required for the execution of Power EPC projects.
• Repayment or pre-payment, either partially or fully, of certain borrowings availed by the company.
• Funding the working capital requirements of the company.
• General corporate purposes.

About Absolute Projects (India) Limited

Incorporated in February 1995, Absolute Projects (India) Ltd. is an Engineering, Procurement, and Construction (EPC) company involved in infrastructure development, with in-house manufacturing capabilities for electrical and structural components. The company undertakes Power EPC projects, civil construction, supply of electrical components, and operation and maintenance services.

As of December 31, 2025, the company had completed 2,480 circuit kilometres of transmission and distribution lines, 55 substations ranging from 33 kV to 220 kV, and various transformer and cable installation projects. It has an order book of ₹74,753.03 lakh and operates across 12 states and three union territories in India.

Key Financial Highlights 

Jindal Supreme IPO - Issue Details

• Issue Type: Book-Built Issue (Fresh Issue + OFS)
• Total Issue Size: Up to 1.34 crore equity shares
• Fresh Issue: Up to 1.07 crore equity shares
• Offer for Sale (OFS): Up to 0.27 crore equity shares
• Face Value: ₹10 per share
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): Sarthi Capital Advisors Private Limited
• Registrar to the Issue: Bigshare Services Private Limited

Utilisation of Jindal Supreme IPO Proceeds

The company intends to utilise the net proceeds from the fresh issue towards:

• Repayment or pre-payment, in part or full, of certain borrowings availed by the company.
• General corporate purposes

About Jindal Supreme Limited

Established in 1974, Jindal Supreme Limited is engaged in the manufacturing and supply of a wide range of steel products, including Mild Steel (MS) black pipes, tubes, galvanized pipes, metal beam crash barriers, and galvanized iron (GI) tubular poles. The company manufactures products in various dimensions as per Indian Standards, catering to sectors such as infrastructure and construction, water supply and plumbing, roads and highways, oil & gas, chemicals, agriculture, and rural electrification.

Over the years, Jindal Supreme has expanded its product portfolio by entering the manufacturing of metal beam crash barriers in Fiscal 2025 and GI tubular poles in Fiscal 2026. The company operates a manufacturing facility in Hisar, Haryana, equipped with mills, welding plants, galvanizing plants, and testing facilities. It primarily supplies products to institutional buyers, infrastructure contractors, industrial customers, and a dealer network across Northern India.

Key Financial Highlights 

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