NEW DELHI: Shares of Jinkushal Industries made a strong debut on Friday, listing over 3% above the issue price of Rs 121. The stock opened at Rs 125 on both the BSE and NSE, up 3.3% from its issue price.
During early trading, the share touched a high of Rs 128, a gain of 5.78% on the BSE, before retreating to Rs 118.75, down 1.85%. The company’s market capitalization currently stands at Rs 455.83 crore.
Jinkushal Industries’ initial public offering (IPO) saw overwhelming demand, garnering 65.10 times subscription on the final day of the share sale on Monday. The IPO was priced in a band of Rs 115-121 per share and comprised a fresh issue of 86.40 lakh shares alongside an offer-for-sale (OFS) of 9.6 lakh shares by promoters.
Proceeds from the fresh issue are intended to fund working capital requirements and general corporate purposes.
Based in Chhattisgarh, Jinkushal Industries specializes in the export trading of construction machinery, including hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers. The company has supplied over 1,500 machines globally, with more than 900 new (customized or accessorized) units and over 600 used or refurbished machines.
