Jinkushal Industries shares settled nearly 1 percent higher on the debut day from its IPO price at Rs 122 per share on the NSE on October 3. The stock finished the trade 2.4 percent lower from its open price.
The stock listed with a 3 percent premium over its IPO price, following a 65.10 times subscription between September 25-29 in the primary market.
Shares of Jinkushal Industries were listed at Rs 125.05 per share on the NSE, a premium of 3.31 percent. The issue had a price band of Rs 115-121 per share.
On the BSE, the shares were listed at Rs 125 per share, a premium of 3.31 percent. The company's market capitalization post listing of shares stood at Rs 479.83-crore.
Jinkushal Industries IPO share listing was below than the expectations in the grey market, which had expected a gain of nearly 17 percent
Earlier, it collected Rs 35 crore from anchor investors.
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.
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