Jinkushal Industries IPO Day 2: Issue booked over 4x so far, retail investors lead; check category-wise status

The issue has been booked 4.22 times so far on the second day of subscription, with bids for 28,368,960 shares compared to 6,721,048 shares on offer, according to the NSE data until 2:40 PM.

• Qualified Institutional Buyers (QIBs): 0.03x

• Non-institutional Investors: 5.47x

• Retail Individual Investors (RIIs): 6.08x

The price band has been set at ₹115 to ₹121 per share, and a lot consists of 120 shares.

The ₹116.15 crore initial share sale is a mix of 86.36 lakh new shares valued at ₹104.54 crore and an offer for sale (OFS) of ₹11.61 crore by promoters Anil Kumar Jain, Abhinav Jain and Sandhya Jain.

The company intends to use fresh issue proceeds for funding the working capital needs and general corporate purposes.

Before the IPO, Jinkushal Industries mobilised ₹35 crore from anchor investors, including HDFC Bank, Nomura Singapore, Viney Growth Fund, Santosh Industries, Swyom India Alpha Fund and Steptrade Revolution Fund.

GYR Capital Advisors is the IPO's sole book-running lead manager, while Bigshare Services is the registrar.

After the bidding is closed on September 29, the allotment of shares is expected to be finalised on September 30.

Successful bidders can expect the shares to be credited to their demat accounts by October 1, with others receiving refunds on the same day. Jinkushal Industries shares are scheduled to list on the BSE and NSE on October 3.

Chhattisgarh-based Jinkushal Industries is engaged in export trading of new and used or refurbished construction equipment in global markets. It holds a specialisation in the export trading of construction machines such as hydraulic excavators, backhoe loaders, motor graders, soil compactors, bulldozers, wheel loaders, cranes, and asphalt pavers.

It has supplied more than 1,500 construction machines, consisting of over 900 new (with customisation or accessorisation) and over 600 used or refurbished construction equipment.

It exports construction machines to over 30 nations, including the UAE, the Netherlands, Mexico, Belgium, Australia, South Africa, and the UK.