Jinkushal Industries IPO sees strong subscription on final day of bidding, booked 65 times; check GMP

Jinkushal Industries IPO sees robust subscription.

Jinkushal Industries IPO saw robust subscription on the final day of share sale in the primary market. The issue received 65.10 times subscription on the Day-3 of bidding on Monday. The company's IPO got bids for 43.75-crore shares against 67.21 lakh shares on offer, according to NSE data.

The component meant for Retail Individual Investors (RIIs) garnered 47.10 times subscription, while the non-institutional investors quota got subscribed 146.39 times. Qualified Institutional Buyers (QIBs) received 35.66 times subscription. Earlier, the company collected Rs 35 crore from anchor investors.

Jinkushal Industries IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of the company are commanding a GMP of over 14 percent in the unregulated market. Investorgain quoted a GMP of Rs 17.5 for the shares of the company, indicating a listing gain of 14.46 percent.

The company's public issue will conclude on September 29 in a price band of Rs 115-121 per share.

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The firm plans to utilise the proceeds from the fresh issue towards funding the working capital requirements and for general corporate purposes.

Based in Chhattisgarh, the company is engaged in export trading of new/customised and used or refurbished construction machines in global markets. It specialises in the export trading of construction machines, including hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers.

The company has supplied more than 1,500 construction machines, comprising over 900 new (with customisation or accessorised) and 600-plus used or refurbished construction machines.

Jinkushal Industries IPO shares are expected to be allotted to successful bidders by September 30, while the listing is scheduled to take place October 3.

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