Three mainboard IPOs — Hero Motors, SS Retail and Jindal Supreme — are attracting attention in the primary market this week.

While all three are mainboard issues, their businesses are very different. Hero Motors operates in automotive components and powertrain solutions, SS Retail is focused on mobile phones and consumer electronics retail, while Jindal Supreme operates in steel pipes, tubes, and related products.

Instead of looking at these IPOs only through the grey market premium, here is a side-by-side look at their IPO structure, business models, financial performance, use of funds, and key risks.

Hero Motors IPO

Hero Motors is coming to the market with an IPO of approximately ₹1,000 crore, comprising a fresh issue of around ₹600 crore and an offer for sale.

The price band has been fixed at ₹79 to ₹84 per share, with a lot size of 178 shares. At the upper price band, the minimum application amount is ₹14,952.

The IPO is scheduled to open on September 16, 2026, and close on September 18. The shares are proposed to list on both BSE and NSE on September 23.

What does Hero Motors do?

Hero Motors develops and supplies powertrain solutions and specialised components to automotive OEMs.

Its products are used across two-wheelers, e-bikes, cars, electric and hybrid vehicles, off-road vehicles and heavy-duty vehicles. The company also has exposure to international markets including the US, Europe, India and ASEAN.

Hero Motors financial performance

Financial year	Revenue	PAT
FY24	₹1,083.42 cr	₹17.04 cr
FY25	₹1,111.23 cr	₹32.80 cr
FY26	₹1,216.74 cr	₹41.17 cr

The company has reported growth in both revenue and profit over the three years. FY26 revenue increased to ₹1,216.74 crore, while PAT rose to ₹41.17 crore.

How Hero Motors plans to use the IPO money

The stated uses include:

• ₹190 crore for repayment/prepayment/redemption of borrowings

• ₹200 crore for equipment and capacity expansion at its Gautam Buddha Nagar facility

• Funding inorganic growth and strategic initiatives/general corporate purposes

This means a significant portion of the fresh issue is directed toward both debt reduction and capacity expansion.

Key points to watch

Investors tracking the company will need to monitor automotive demand, international business, capacity expansion, customer concentration, margins, and the company’s ability to convert its expansion plans into higher earnings.

---

SS Retail IPO

SS Retail operates in the organised retail segment, with a focus on mobile phones, accessories and consumer electronics.

The company is raising approximately ₹500.75 crore through the IPO, consisting of a fresh issue of around ₹360.75 crore and an offer for sale.

The price band is ₹403 to ₹424 per share, while the lot size is 35 shares. The IPO opens on September 16 and closes on September 18, with listing scheduled for September 23.

What does SS Retail do?

SS Retail sells mobile phones, accessories, televisions, laptops, tablets, and other electronic products through company-owned and franchise-operated stores.

Its retail brands include SS Mobile, Mobile Exchange Wala, and The Mobile Space.

According to IPOWatch, the company had expanded to 536 stores across Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat as of 2026.

SS Retail financial performance

Financial year	Revenue	PAT
FY24	₹1,208.04 cr	₹26.65 cr
FY25	₹1,599.96 cr	₹39.86 cr
FY26	₹2,352.85 cr	₹59.28 cr

Revenue increased sharply in FY26, while profit also increased from ₹39.86 crore to ₹59.28 crore.

However, the company’s PAT margin remained relatively low at 2.52%, while its EBITDA margin was 5.32% for FY26.

How SS Retail plans to use IPO proceeds

The IPO proceeds include:

• ₹12.45 crore for new-store fit-outs

• ₹416.53 crore toward incremental working-capital requirements

• Remaining proceeds for general corporate purposes

The large working-capital allocation is therefore an important part of the IPO structure.

Key points to watch

The main areas to track include store expansion, same-store sales growth, working-capital requirements, inventory management, margins and competition from other organised retailers and online platforms.

---

Jindal Supreme IPO

Jindal Supreme is from a completely different industry.

The company operates in the steel pipes, tubes and related products segment, making its business more closely linked to infrastructure, construction and industrial demand.

Its IPO is also a mainboard issue and is smaller in size than the Hero Motors and SS Retail offerings.

Business profile

Jindal Supreme manufactures products such as steel pipes and tubes and related products used across infrastructure and industrial applications.

The company’s performance therefore needs to be viewed in the context of steel prices, raw-material costs, infrastructure spending, and demand from end-user industries.

Financial performance

The company reported:

Financial year	Revenue	PAT
FY24	₹—	₹—
FY25	₹604.74 cr	₹24.27 cr
FY26	₹675.94 cr	₹22.53 cr

Revenue increased in FY26, but profit declined compared with FY25.

That creates a different financial profile compared with Hero Motors and SS Retail, where FY26 profit increased.

IPO proceeds

A significant part of the issue proceeds is intended for repayment/prepayment of borrowings.

The company has indicated approximately ₹71 crore toward debt repayment.

Therefore, the IPO structure includes a balance-sheet component in addition to the company’s broader business requirements.

Key points to watch

For Jindal Supreme, important factors include steel prices, raw-material costs, operating margins, debt levels, infrastructure demand, capacity utilisation, and future profitability.

---

Hero Motors vs SS Retail vs Jindal Supreme: Key Differences

Factor	Hero Motors	SS Retail	Jindal Supreme
Sector	Auto components	Retail	Steel products
IPO size	~₹1,000 cr	~₹500.75 cr	~₹124.88 cr
Price band	₹79–84	₹403–424	₹88–93
FY26 revenue	₹1,216.74 cr	₹2,352.85 cr	₹675.94 cr
FY26 PAT	₹41.17 cr	₹59.28 cr	₹22.53 cr
FY26 PAT trend	Increased	Increased	Declined
IPO proceeds	Debt + capex + strategic purposes	Mostly working capital	Mainly debt repayment
Listing	BSE & NSE	BSE & NSE	BSE & NSE
Business driver	Automotive/EV/powertrain demand	Consumer electronics demand	Steel/infrastructure demand

*Figures are based on the IPO information available from IPOWatch and the respective issue documents. *

Different IPOs, Different Business Models

The three IPOs represent three distinct areas of the Indian economy.

Hero Motors is an automotive components and powertrain business with exposure to conventional, hybrid and electric vehicles.

SS Retail is a consumer-facing retail business where store expansion, sales growth, inventory and working capital are important operating factors.

Jindal Supreme is an industrial manufacturing business whose performance is more closely connected with steel prices, infrastructure demand and operating margins.

Their financial profiles are also different. Hero Motors and SS Retail reported higher FY26 profits, while Jindal Supreme reported higher revenue but lower profit compared with FY25.

For investors researching these IPOs, the important comparison is therefore not simply the IPO price or grey-market premium. The underlying business model, earnings trajectory, balance sheet, IPO fund utilisation and industry conditions are different for each company.

IPO Timeline

All three issues are scheduled around the same period, making them part of the current primary-market activity.

Investors should check the final price-band documents, RHP/offer documents, subscription figures and official exchange disclosures before concluding.

Disclaimer

This article is for informational and educational purposes only. It compares publicly available information about Hero Motors, SS Retail and Jindal Supreme IPOs and does not constitute investment advice, a recommendation to apply or avoid any IPO, or a prediction of listing performance. IPO details, GMP figures and subscription data can change during the issue period.