Jinkushal Industries Sets IPO Launch for September 25: Key Details Revealed

Jinkushal Industries, a supplier specializing in construction machinery for export, has announced the price range for its forthcoming IPO, set at Rs 115–121 per share. This issue features both a fresh equity component and an offer for sale (OFS) and is slated to open for subscription on September 25, concluding on September 29. The shares are anticipated to debut on the BSE and NSE on October 3.

The total IPO size amounts to Rs 116.11 crore, which includes a fresh issue of 86.36 lakh shares valued at Rs 104 crore and an OFS of 9.60 lakh shares worth Rs 11.61 crore. Should the price reach the upper end of the band, the company is expected to have a post-listing market capitalization of Rs 464.42 crore.

Lot size and investor categories

Investors will need to bid for a minimum of 120 shares per lot, which translates to an investment of Rs 14,520 at the upper end of the price band. Retail investors can apply for a maximum of 13 lots, equating to 1,560 shares, while non-institutional investors (NIIs) are required to bid in larger multiples.

According to regulations, 50% of the issue is reserved for qualified institutional buyers (QIBs), 15% for NIIs, and 35% for retail investors.

About Jinkushal Industries

Jinkushal Industries is actively involved in the export trading of construction machinery across more than 30 countries, including the UAE, UK, Mexico, Belgium, South Africa, and Australia. The company’s operations are divided into three main areas—customized new machinery, refurbished machines, and its exclusive HexL brand of backhoe loaders.
So far, the company has delivered over 1,500 construction machines, comprising 900 new units and 600 refurbished ones. In the nine months leading up to December 2024, it provided 1,171 machines. Additionally, Jinkushal operates a state-of-the-art refurbishment facility with a network of 228 suppliers to support its operations.

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Financial Performance and Strengths

In FY25, Jinkushal Industries saw a revenue increase of 59% year-on-year, reaching Rs 385.8 crore. Meanwhile, net profit rose marginally to Rs 19.1 crore from Rs 18.6 crore in FY24. The company reported a return on equity (ROE) of 28.3%, an EBITDA margin of 7.5%, and a debt-to-equity ratio of 0.58. Jinkushal points to its global footprint, refurbishment capabilities, and strong supply chain as major competitive advantages.

Purpose of the Issue

The funds raised from the fresh equity will primarily address working capital needs amounting to Rs 72.7 crore, with the remainder designated for general corporate purposes.

GYR Capital Advisors has been appointed as the book-running lead manager for the IPO, while Bigshare Services will act as the registrar for the issue.