Image Source: Outlook Money
25 September 2025: The IPO of Jinkushal Industries Limited began today and will be open for bidding until September 29, 2025. The construction machinery exporter set the price band at ₹115 to ₹121 per share.
The IPO seeks a total of ₹116.15 Crore, of which ₹104.54 crore will be via a fresh issue of shares and ₹11.61 crore will be via an Offer for Sale (OFS).
Grey Market Premium
Jinkushal Industries shares are available on the grey market at a premium of ₹51 per share, signifying interest from investors. Analysts point out that grey market premiums show demand prior to listing, and do not guarantee gains on listing.
Update on Subscription Status (Day 1)
By 3:03 PM on the first day of bidding, the public issue was subscribed 1.77 times. Within this, the retail category saw 2.64 times subscription, while the Non-Institutional Investors (NII) segment was subscribed 2.07 times. The Qualified Institutional Buyers (QIB) portion, however, received bids for just 0.01 times.
Some Key Facts About the IPO
- GMP (Grey Market Premium): ₹51/share
- Duration of IPO: 25 September 2025–29 September 2025
- Price Band: ₹115–₹121/share
- Lot Size: 120 shares
- Allotment Date: Expected to be 30 September 025
- Registrar: Bigshare Services Private Limited
- Lead Manager: GYR Capital Advisors
Listing: Proposed listing on BSE & NSE; expected to be on 3 October 2025
Expert Opinions
Arun Kejriwal, Founder of Kejriwal Research, said: “The company is making a profit and due to the small size, the public issue is expected to sail through the Indian primary market with ease. However, the secondary market mood is expected to work as hitherto. Apart from this, the company’s business model doesn’t provide definite comfort for the long term. Hence, high-risk investors may apply for the public issue for listing gains only.”
Avinash Gorakshkar, SEBI-registered analyst, said:
“The company is a profit-making company, and its valuations are also comforting for the primary market investors. However, selling pressure in Dalal Street may keep some investors on the sidelines and watch despite strong buzz in the grey market.”
Business Overview
Jinkushal Industries is a provider of both refurbished and new construction machines and goods with exports to over 30 countries. This company has a refurbishment facility in Raipur and sells goods under the HexL brand.
- FY25 Revenue: ~₹385.81 crore, representing an increase of 59% from the previous year
- FY25 Profit After Tax: ~₹19.14 crore
- Debt: Very low levels of debt, enabling a sound capital structure
- Valuation: P/E ~30×, EV/EBITDA ~22× at the upper price band
The net proceeds of the IPO will be applied towards working capital and corporate purposes.
Should Investors Apply?
If you are an investor that is seeking short-term gains as a result of listing, it may be worth applying, in light of robust grey market demand and early subscription numbers.
If you are a long-term investor, it would be prudent to exercise caution due to volatility in the market and risks of the business.
The safe approach could be to apply with a small allocation to help mitigate some of the potential gains and risks involved.
