Jinkushal Industries Limited’s IPO was fully subscribed within about two hours on its first day. According to NSE data, by 12:10 pm, the IPO had received bids for over 67 lakh shares, which equals the total offer size.
Retail investors showed the most interest, subscribing 151% of the shares reserved for them.
Non-institutional investors (NIIs) subscribed 111%, while qualified institutional buyers (QIBs) subscribed only 1%. Grey market reports also suggest strong listing gains for this Chhattisgarh-based company.
IPO Details
Jinkushal Industries, based in Chhattisgarh, has structured its IPO with:
A fresh issue of over 86 lakh shares
An Offer for Sale (OFS) of 9.6 lakh shares by existing promoters
The price band is ₹115–121 per share. At the upper end, the company’s valuation is around ₹464 crore. Investors can bid for a minimum of 120 shares, which would cost ₹14,520 at the upper price.
Share allotment is expected by September 30
Listing on stock exchanges is scheduled for October 3
Proceeds from the fresh issue will be used for working capital needs and general corporate purposes. GYR Capital Advisors is the sole book-running lead manager (BRLM), and Bigshare Services is the registrar.
Anchor Investors
On September 24, a day before the IPO opened to the public, Jinkushal Industries raised ₹35 crore from anchor investors. Investors included:
Nomura Singapore
HDFC Bank
Vini Growth Fund
Steptrade Revolution Fund
Santosh Industries
Swayam India Alpha Fund
The company allotted 28.78 lakh shares to these investors at ₹121 per share.
Should You Subscribe?
Anand Rathi recommends subscribing to Jinkushal Industries IPO for the long term. At the upper price band, the company is valued at:
P/E: 30.1x FY25 earnings
EV/EBITDA: 22.0x
Market Cap: ₹464 crore after the IPO
Financial Overview:
FY24 revenue: ₹2,385.9 crore | EBITDA: ₹275.7 crore
FY25 revenue: ₹3,805.6 crore | EBITDA: ₹286.0 crore | Operating margin: 7.5%
Net profit: ₹6.15 per share
Return on net assets FY25: 21.2%
Debt-to-equity ratio: 0.01
Exports: ~99% of revenue generated outside India
At the upper price band, the company is valued at 19.7x FY25 earnings and 0.12x FY25 sales.
Gray Market Premium (GMP)
Before listing, InvestorGain data showed Jinkushal Industries’ unlisted shares trading at a gray market premium of over 17% above the IPO price.
Earlier estimates suggested 42%, but the latest estimates indicate strong listing gains. IPO Watch reports the GMP at around 18% above the IPO price.
