Stellar Subscription Numbers Mark the End of IPO Bidding
The initial public offering (IPO) of Jinkushal Industries has witnessed an overwhelming response from investors as the share sale reaches its final day in the primary market. By 2:10 p.m. on Day 3 of the bidding (Monday), the IPO had been subscribed nearly 35 times, reflecting the market’s strong appetite for the offering. As per data from the National Stock Exchange (NSE), the IPO attracted bids for 23.61 crore shares, significantly surpassing the 67.21 lakh shares available.
Breakdown of Investor Categories
The IPO witnessed substantial interest across all investor segments:
- Retail Individual Investors (RIIs) subscribed at 31.25 times their allotted quota.
- Non-Institutional Investors (NIIs) demonstrated even higher enthusiasm, with a whopping 87.22 times subscription.
- Qualified Institutional Buyers (QIBs) showed comparatively moderate participation with 3 times subscription.
Prior to the public issue, the company had already secured Rs 35 crore from anchor investors, further signaling market confidence.
Jinkushal Industries IPO GMP Today
In the grey market, the momentum continues. As per tracking platforms like Investorgain, the Grey Market Premium (GMP) for Jinkushal Industries shares stands at Rs 17.5, indicating a potential listing gain of approximately 14.46% over the issue price.
IPO Details: Price Band and Utilization of Funds
The IPO is set to conclude on September 29, with a price band of Rs 115-121 per share. Proceeds from the fresh issue are planned to be utilized for:
- Augmenting working capital requirements
- Supporting general corporate purposes
Company Overview: Specialists in Construction Equipment Export
Headquartered in Chhattisgarh, Jinkushal Industries is a niche player in the global export trading of construction machinery. The company deals in both new/customised and used or refurbished construction equipment. Their product portfolio includes:
- Hydraulic excavators
- Backhoe loaders
- Motor graders
- Wheel loaders
- Soil compactors
- Cranes
- Bulldozers
- Asphalt pavers
To date, the company has successfully exported over 1,500 machines, including more than 900 new (customised or accessorised) and 600+ used/refurbished units, catering to clients across multiple international markets.
IPO Allotment and Listing Date
Investors can expect the IPO share allotment by September 30, while the shares are slated to debut on the stock exchanges on October 3.
