Market Performance
The stock market today is witnessing a strong start for Jinkushal Industries IPO, which got fully subscribed in just two hours on its first day of public subscription, September 25. The rapid subscription reflects robust investor interest in this Chhattisgarh-based exporter of customised and refurbished construction machinery.
Retail investors have shown remarkable enthusiasm, booking 151% of their reserved portion almost immediately. Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs) have also participated actively, with 111% and 1% subscription, respectively.
Main News: IPO Details & Subscription
Jinkushal Industries’ maiden IPO combines a fresh issue of over 86 lakh shares and an offer-for-sale (OFS) of 9.6 lakh shares by existing promoters. The price band is fixed at Rs 115–121 per share, placing the company’s valuation at approximately Rs 464 crore at the upper limit.
IPO Key Points:
- Minimum Application: 120 shares (Rs 14,520 at upper price band)
- Allotment Date: Likely September 30
- Listing Date: Scheduled for October 3
The IPO proceeds are earmarked primarily for working capital requirements and general corporate purposes, enabling the company to support its ongoing operations and future growth.
Anchor Book Investment
Ahead of the public subscription, Jinkushal Industries raised Rs 35 crore from anchor investors on September 24. A total of 28.78 lakh equity shares were allotted at Rs 121 per share to institutional participants, including top domestic and international funds.
This early anchor book subscription reflects strong confidence in the company’s asset-light, export-driven model and global sourcing network.
Company Details
Jinkushal Industries operates primarily in the export market, with nearly 99% of revenue generated outside India. Its financials indicate a growing business trajectory:
Financial Highlights (FY24–FY25)
- FY24 Revenue: Rs 2,385.9 crore | EBITDA: Rs 275.7 crore
- FY25 Revenue (restated): Rs 3,805.6 crore | EBITDA: Rs 286.0 crore
- Operating Margin: ~7.5%
- Net Profit (post-bonus EPS): Rs 6.15
- Return on Net Worth: 21.2%
- Debt-to-Equity Ratio: ~0.01
The company’s asset-light model, international sourcing and distribution network, healthy returns, and minimal debt position it as a strong player in the refurbished construction machinery market.
IPO Allocation Pattern
- Retail Investors: 35%
- Qualified Institutional Buyers (QIBs): 50%
- Non-Institutional Investors (NIIs): 15%
The IPO is being overseen by GYR Capital Advisors as the sole Book Running Lead Manager, with Bigshare Services handling the role of the registrar.
Summary
Jinkushal Industries IPO emerges as a notable offering for investors, especially in the export-focused construction machinery sector. Key highlights include:
- Full subscription within 2 hours on Day 1
- Price Band: Rs 115–121 per share
- Total Issue Size: Fresh issue 86 lakh shares + OFS 9.6 lakh shares
- Anchor Book Collection: Rs 35 crore raised before IPO opening
- Listing Schedule: Allotment by September 30, listing on October 3
With a strong international revenue base, low leverage, and a focus on working capital optimisation, Jinkushal Industries demonstrates operational efficiency and steady growth potential in the trading-led construction machinery segment.
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