Jinkushal Industries IPO Subscribed 2.29 Times on Day 1

New Delhi, Sep 25 (PTI) The initial public offer of Jinkushal Industries Ltd received 2.29 times subscription on the first day of share sale on Thursday.

The three-day IPO got bids for 1,53,87,600 shares against 67,21,048 shares on offer, as per NSE data.

Retail Individual Investors (RIIs) portion received 3.28 times subscription while the category for non-institutional investors got subscribed 3.01 times. Qualified Institutional Buyers (QIBs) quota got 2 per cent subscription.

Jinkushal Industries Ltd on Wednesday said it has collected Rs 35 crore from anchor investors.

The company's public issue will be available for public subscription till September 29 in a price band of Rs 115-121 per share.

The IPO comprises a fresh issue of 86.40 lakh shares and an offer-for-sale (OFS) of 9.6 lakh shares by the promoters.

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 over 1,500 construction machines, comprising over 900 new (with customisation or accessorised) and over 600 used or refurbished construction machines.

GYR Capital Advisors is the sole book running lead manager (BRLM) to the IPO.