Jinkushal Industries IPO: Issue sees strong demand on Day 1, subscribed 2.3 times on robust retail, NII interest

The initial public offering (IPO) of Jinkushal Industries saw healthy demand from both retail and non-institutional investors on its first day of bidding. The IPO, which remains open until Monday, September 29, was oversubscribed.

The IPO received bids for 1.54 crore shares against the total offer of 67.20 lakh shares, resulting in an overall subscription of 2.29 times by the end of Day 1, according to exchange data.

Retail investors showed strong interest, with their portion subscribed to 3.28 times, while non-institutional buyers showed similar enthusiasm, with their portion booked 3.02 times. The QIB portion was booked marginally at 0.02 times.

Jinkushal Industries IPO details

The company aims to raise ₹116.11 crore through the offering, a combination of a fresh issue of 0.86 crore shares aggregating to ₹104.49 crore and an offer for sale of 0.10 crore shares aggregating to ₹11.61 crore.

The IPO price band is set at ₹115 to ₹121 per share. Retail investors can apply for a minimum of 120 shares in one lot and can apply for up to 13 lots. At the upper end of the IPO price band, ₹121 apiece, retail investors are required to make a minimum investment of ₹14,520 per lot.

The company proposes to use the proceeds from the issue towards funding the working capital requirements of the company and general corporate purposes. The allotment of shares is expected to be finalized on September 30, 2025, with a tentative listing on both the BSE and NSE scheduled for Wednesday, October 03, 2025.

GMP signals over 18% premium

As of today, the grey market premium (GMP) for Jinkushal Industries IPO stands at ₹22 per share. This suggests that the shares are anticipated to list above their issue price. With this GMP and the IPO's upper price band, the estimated listing price of the shares would be ₹143, reflecting an 18.18% premium over the upper band issue price of ₹121 per share.

The grey market premium represents the expected difference between an IPO’s issue price and its anticipated listing price in the unofficial market. However, it’s important to remember that GMP is a preliminary indicator and should not be the sole factor in making investment decisions.

About Jinkushal Industries

The company is engaged in export trading of new, customized, and used refurbished construction machines such as hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers in global markets.

The company, citing the CareEdge Report, said it is the largest non-OEM construction machine exporter with a 6.9% market share and is recognized as a Three-Star Export House by the Directorate General of Foreign Trade, Government of India.

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