Rs 104.54 crore via fresh issue & Rs 11.51 crore via OFS: Jinkushal Industries’ shares locked in 5% lower circuit post listing

DSIJ Intelligence-1 / 03 Oct 2025/ Categories: IPO, Mindshare, Trending

Rs 104.54 crore via fresh issue & Rs 11.51 crore via OFS: Jinkushal Industries’ shares locked in 5% lower circuit post listing

Despite the modest initial listing premium, the long-term success of the company on the bourses will depend on its ability to sustain its high export demand, effectively utilize the IPO funds, and successfully scale the visibility and market acceptance of its HexL brand.

Jinkushal Industries successfully completed its Rs 116.15 crore initial public offering (IPO) between September 25 and 29. The issue, priced between Rs 115 and Rs 121 per share, saw overwhelmingly strong demand from all investor categories, achieving an impressive overall subscription of 65.10 times. Non-institutional investors (NIIs) showed the highest interest, subscribing 146 times their quota. The company intends to use the net proceeds primarily to meet its working capital needs and for general corporate purposes.

The company's shares made their market debut on Friday, listing with a modest premium over the IPO price. Shares opened on both the NSE and BSE at around Rs 125, which translates to a premium of approximately 3.31 per cent to 3.45 per cent over the upper issue price of Rs 121. While a solid start, the actual listing was considered muted when compared to expectations from the unofficial grey market, which had anticipated a much higher gain of around 17 per cent ahead of the debut.

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Jinkushal Industries, based in Chhattisgarh, is engaged in the export trading of both new/customised and used/refurbished Construction machinery, including hydraulic excavators, cranes, and wheel loaders. Operating across more than 30 countries, the firm positions itself as a major non-OEM construction machine exporter. The business is organised into three verticals, notably including sales under its in-house "HexL" brand and extensive refurbishment services.

Financially, the company has shown robust recent performance, reporting a 59% increase in revenue for FY25, reaching Rs 385.8 crore, and achieving a net profit of Rs 19.1 crore. Despite the modest initial listing premium, the long-term success of the company on the bourses will depend on its ability to sustain its high export demand, effectively utilize the IPO funds, and successfully scale the visibility and market acceptance of its HexL brand.

Disclaimer: The article is for informational purposes only and not investment advice.