Jinkushal Industries IPO opens today with big-name backers; time to apply?

Jinkushal Industries IPO: Jinkushal Industries has allotted 2.87 million equity shares to anchor investors at ₹121 per share to raise ₹35 crore

Don't want to miss the best from Business Standard?

Jinkushal Industries IPO: The initial public offering (IPO) of Jinkushal Industries opens for public subscription today, Thursday, September 25, 2025. At the upper end of the price band of ₹115 to ₹121, the company aims to raise ₹116.15 crore. 

 

The mainline offering comprises a fresh issue of 8.6 million equity shares amounting to ₹104.54 crore and an offer for sale (OFS) of 1 million shares amounting to ₹11.61 crore. Anil Kumar Jain, Abhinav Jain, and Sandhya Jain are the promoter selling shareholders. 

 

On September 24, 2025, Jinkushal Industries raised ₹35 crore from an anchor investor. The company has allotted 2.87 million equity shares to these investors at ₹121 per share, according to a circular uploaded on the BSE website. Institutional investors, including Nomura Singapore, HDFC Bank, Vinay Growth Fund, Steptrade Revolution Fund, Santosh Industries, and Swyom India Alpha Fund, participated in the anchor book. 

Should you subscribe to the Jinkushal Industries IPO:

Anand Rathi Research: Subscribe-Long term

Anand Rathi Research, in its note, said Jinkushal Industries is among the largest exporters of non-OEM construction equipment, with an international presence in the UAE and the USA through its subsidiaries. The company is committed to refurbishment, reuse, and promoting the circular economy, reflecting its focus on sustainability and environmental responsibility. 

 

Additionally, the launch of the company's proprietary brand HexL marks a strategic shift from selling other brands' products to building a product-driven, customer-centric business model. 

 

"At the upper price band, the company is valued at P/E of 30.1x to its FY25 earnings, with EV/EBITDA of 22.0x and market cap of ₹4,644 million post issue of equity shares," the brokerage said.

 

Analysts at Anand Rathi believe that the IPO is fully priced and recommend a 'Subscribe - Long Term' rating to the IPO.  ALSO READ | Trualt Bioenergy opens with 16% GMP: Should you invest in ethanol giant?

Jinkushal Industries IPO grey market premium (GMP)

The unlisted shares of Jinkushal Industries were trading at ₹142, up ₹21 or 17.5 per cent from the issue price of ₹121, according to the sources tracking unofficial markets. 

Here are the key details of Jinkushal Industries IPO: 

Jinkushal Industries IPO will close for public subscription on Monday, September 29, 2025. The share allotment process is expected to be completed by Tuesday, September 30. The successful allottees will receive the company's shares in their demat account on Wednesday, October 1. 

 

Jinkushal Industries shares are tentatively scheduled to be listed on the NSE and BSE on Friday, October 3, 2025.

 

The IPO is priced in the range of ₹115 to ₹121 per share, with a lot size of 120 shares. At the upper price of ₹121, a retail investor will need ₹14,520 for one lot. The maximum investment allowed for retail buyers is 13 lots (1,440 shares), which amounts to ₹1,74,240.

 

Bigshare Services is the registrar of the IPO. GYR Capital Advisors is the sole book-running lead manager.

 

According to the RHP, the company plans to utilise the net fresh issue proceeds for funding working capital requirements of the company and general corporate purposes.