Three IPOs listed on 23 September 2026: SS Retail +47%, Jindal Supreme +29%, Hero Motors −2%
Three mainboard IPOs listed on 23 September 2026. Two opened well above their issue price and one opened below it — and the one that was subscribed the most was not the one that gained the most. Here are the listing-day figures, with what they do and do not tell you.
In short
- SS Retail listed at ₹624 on the NSE and ₹639 on the BSE against an issue price of ₹424 — a premium of 47.17% and 50.73%.
- Jindal Supreme (India) listed at ₹120 on the NSE and ₹121.90 on the BSE against ₹93 — up 29.03% and 31.80%.
- Hero Motors listed at ₹82 on the NSE and ₹82.10 on the BSE against ₹84 — a discount of 2.38% and 2.26%.
- Subscription did not predict the ranking: Jindal Supreme was subscribed 181.07 times and SS Retail 103.30 times, yet SS Retail listed higher; Hero Motors was subscribed 6.66 times and listed below its issue price.
- All three bid between 16 and 18 September 2026 and listed on both exchanges on 23 September.
Three mainboard IPOs listed on the morning of 23 September 2026, all of which had taken bids between 16 and 18 September. Two opened well above their issue price. One opened below it.
The listing-day numbers
- SS Retail — issue price ₹424. Listed at ₹624 on the NSE (+47.17%) and ₹639 on the BSE (+50.73%). Subscribed 103.30 times.
- Jindal Supreme (India) — issue price ₹93. Listed at ₹120 on the NSE (+29.03%) and ₹121.90 on the BSE (+31.80%). Subscribed 181.07 times.
- Hero Motors — issue price ₹84. Listed at ₹82 on the NSE (−2.38%) and ₹82.10 on the BSE (−2.26%). Subscribed 6.66 times.
All figures as reported by India TV on listing morning.
What each company does
- SS Retail runs a multi-brand retail chain for mobile phones, accessories and other electronic items.
- Jindal Supreme (India) manufactures plastic piping solutions and related products.
- Hero Motors is an auto-components maker. Its ₹1,000 crore issue was a ₹600 crore fresh issue plus a ₹400 crore offer for sale, and the lot size was 178 shares (Chittorgarh; CAPITA1’s NSE-sourced IPO data).
Subscription did not decide the order
The tidiest lesson of the morning is the one that keeps being forgotten. Jindal Supreme drew 181.07 times the shares on offer — the strongest book of the three — and listed about 29% up. SS Retail drew 103.30 times and listed about 47% up. Hero Motors, at 6.66 times, opened below its issue price.
Subscription tells you how much demand arrived at a fixed price during a three-day window, much of it funded and leveraged for a few days. The listing price is the first moment a continuous market sets the price instead. The two are related, loosely, and the relationship is not a ranking.
What a listing price is not
- It is not a verdict on the business. Three days of bidding and one opening print say nothing about how the company will trade in a year.
- It is not what most applicants got. In a heavily oversubscribed retail category, most applications receive nothing at all.
- It is not stable. Hero Motors is the day’s illustration: it opened at ₹82 and, by 10:45 am, was quoted around ₹95.98 — roughly 17% above the listing price (Sunday Guardian). Opening prints move quickly in both directions.
- It is not a grey-market score card. The GMP quoted before listing is an unofficial estimate, and on the day it is simply superseded by a real price.
Where to follow these
Live prices and the full record for each issue are on their CAPITA1 pages: SS Retail, Jindal Supreme and Hero Motors. The IPO Center carries what is open now, and recently listed carries the rest of this month’s debuts.
For the industry behind one of them, see who actually makes the world’s electronics.
This post reports one morning’s prices. It is not investment advice and not a recommendation to buy, hold or sell any of these shares; CAPITA1 is not a SEBI-registered investment adviser.
Frequently asked questions
Which IPOs listed on 23 September 2026?
Three mainboard issues: SS Retail, Jindal Supreme (India) and Hero Motors. All three listed on both the NSE and the BSE.
What was the listing gain on SS Retail?
SS Retail listed at ₹624 on the NSE, 47.17% above its ₹424 issue price, and at ₹639 on the BSE, a 50.73% premium (India TV).
Why did Hero Motors list below its issue price?
The post does not attempt to explain the market’s pricing. What the numbers show is that Hero Motors was subscribed 6.66 times, far less than the other two, and opened at ₹82 against an issue price of ₹84.
Does a higher subscription mean a bigger listing gain?
Not reliably, and this day is a clean example. Jindal Supreme was subscribed 181.07 times and listed about 29% up; SS Retail was subscribed 103.30 times and listed about 47% up.