The initial public offering (IPO) of Jinkushal Industries Ltd witnessed strong demand, achieving a subscription rate of 44.45 times as of 2:48 PM on the final bidding day, September 29, according to data from the Bombay Stock Exchange (BSE).
Investors submitted bids for 29.87 crore shares, significantly surpassing the 67.21 lakh shares available for subscription. The non-institutional investor (NII) category demonstrated the highest demand, with a subscription rate of 113.89 times. The retail individual investor segment subscribed at 36.22 times, while qualified institutional buyers (QIBs) accounted for a subscription of 6.80%.
In the lead-up to the IPO, the company secured ₹35 crore from various anchor investors, which included Nomura Singapore, HDFC Bank, Viney Growth Fund, Steptrade Revolution Fund, Santosh Industries, and Swyom India Alpha Fund. The offering consisted of a fresh issue of 86.40 lakh shares alongside an offer for sale (OFS) of 9.6 lakh shares by the promoters, with a price range set between ₹115 and ₹121 per share. The sole book-running lead manager for this IPO was GYR Capital Advisors.
The funds generated from the fresh issue are earmarked for the repayment of certain borrowings, to bolster working capital, and for general corporate purposes.
Brokerages have advocated a long-term investment perspective, citing the company’s robust market standing and growth outlook. Anand Rathi, which provided a long-term “subscribe” recommendation, noted that Jinkushal Industries is among the largest exporters of non-original equipment manufacturer (non-OEM) construction equipment, maintaining an international presence in the UAE and USA through its subsidiaries.
Published on September 29, 2025.
