Jinkushal Industries IPO Day 2: Key Details on GMP and Subscription Status

Jinkushal Industries has launched its initial public offering (IPO) with an impressive value of Rs 116.15 crore. The offering saw substantial engagement from investors from the very first day, becoming fully subscribed within hours. By the close of Day 1, the IPO garnered a total subscription rate of 2.29 times, with 1.53 crore shares bid against the 67.21 lakh shares available, as per the BSE data.

In the grey market, Jinkushal’s shares are currently trading at a premium of around Rs 20, suggesting a potential gain of approximately 16.53% over the maximum price band. This indicates a favorable outlook among investors.

The IPO is priced between Rs 115 and Rs 121 per share. It includes a fresh issue component of Rs 104 crore and an offer for sale (OFS) worth Rs 11.61 crore.

Jinkushal Industries IPO Subscription Status

Official stock exchange information shows that by the end of Day 1, the Jinkushal Industries IPO was 2.29 times oversubscribed.

Retail Investors: This segment exhibited the most robust response, with a subscription rate of 3.28 times for the 33.59 lakh shares allocated.

Non-Institutional Investors (NIIs): This group, which consists of high-net-worth individuals, saw a subscription rate of 3.01 times.

Qualified Institutional Buyers (QIBs): Interest was relatively low among institutional investors, with only 2% of the allocated 19.21 lakh shares subscribed.

Jinkushal Industries IPO GMP

Currently, the IPO shows a grey market premium (GMP) of Rs 20, or 16.53%. This indicates a moderate level of optimism from investors ahead of the stock’s official listing. Given today’s GMP, shares are projected to debut at around Rs 141.

It’s essential to note that the Grey Market Premium is an unofficial gauge for a stock’s likely listing price. As it operates in an informal market, GMP figures can be quite volatile and should be taken with caution.

IPO Timeline and Key Dates

The Jinkushal Industries IPO subscription window is open for three days, from Thursday, September 25, 2025, to Monday, September 29, 2025. The tentative allotment is expected to be announced by Tuesday, September 30, and shares should likely list on Friday, October 3, 2025.

About the Company

Jinkushal Industries has positioned itself as a leading player in India’s construction machinery export sector, holding an estimated 7% market share outside of the OEM (Original Equipment Manufacturer) segment. The company operates in more than 30 countries, with significant markets including the UAE, Mexico, Belgium, South Africa, and Australia.

The business is divided into three primary verticals. The first offers customized new construction machinery to meet specific client needs. The second focuses on refurbished and used machines, appealing to budget-conscious buyers. Lastly, Jinkushal markets its proprietary brand of backhoe loaders called ‘HexL.’

In addition to its manufacturing and export operations, Jinkushal is diversifying its revenue through equipment rentals and leasing logistics warehouses, broadening its business model.

Financial Snapshot

For the financial year FY25, Jinkushal reported total revenues of Rs 381 crore, demonstrating a robust 59% increase compared to FY24. However, the company’s profitability faced some challenges, with EBITDA margins dropping to 6.1% from 9.8% the previous year. The profit after tax was reported at Rs 19 crore, reflecting stability amid growth.

Utilization of IPO Proceeds

The proceeds from the IPO are earmarked mainly to address working capital needs. Additional funds will be allocated for general corporate purposes, facilitating ongoing growth and expansion efforts.

Should You Consider Bidding?

At the upper pricing limit, the IPO is valued at 30.1 times FY25 earnings and carries an EV/EBITDA multiple of 22x.

Anand Rathi Research has awarded the IPO a “Subscribe – Long Term” rating, highlighting Jinkushal’s status as one of the largest exporters of non-OEM construction equipment. The company’s strong international presence, particularly in markets like the UAE and USA, combined with its strategic shift toward the HexL brand, suggests a more customer-focused and product-driven approach. Although the IPO appears fully priced at the current level, Anand Rathi recommends it as a valuable opportunity for long-term investors.

Are you considering participating in this promising IPO?