Construction machinery exporter Jinkushal Industries, whose IPO garnered healthy investor interest with a subscription crossing over 60 times, is set to debut on the bourses on Friday, October 03.
According to market sources, the company’s shares are commanding a grey market premium (GMP) of ₹21 ahead of listing. Based on the upper band issue price of ₹121 and the current GMP, the estimated listing price comes at ₹142 per share, about 17.32% higher than the issue price.
The grey market premium reflects the expected difference between an IPO’s issue price and its anticipated listing price in the unofficial market. However, analysts caution that GMP is only an early indicator and should not be the sole factor in making investment decisions.
Jinkushal Industries IPO details
The IPO, open between September 25 and 29, received bids for 43.74 crore shares against an offer of 67.20 crore shares, resulting in a subscription of nearly 65 times.
The retail portion was subscribed 47 times, while non-institutional investors (NIIs) showed robust demand at 146.39 times. The qualified institutional buyers (QIBs) category saw the highest interest, subscribed 35 times, and the issue has not allocated any portion to employees.
The ₹116 crore IPO is a combination of a fresh issue of 0.86 crore shares aggregating to ₹104.54 crores and an offer for sale of 0.10 crore shares aggregating to ₹11.61 crores.
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 finalizes on Tuesday, September 30, 2025.
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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