Jinkushal Industries Ltd IPO Skyrockets with 2.29 Times Subscription on Day One

Jinkushal Industries Ltd's IPO was 2.29 times oversubscribed on its first day. With 1,53,87,600 bids against the 67,21,048 shares offered, Retail Individual Investors showed the highest interest with 3.28 times subscription. The company plans to use the raised funds for working capital and corporate purposes.

Jinkushal Industries Ltd's initial public offering (IPO) witnessed remarkable interest, being oversubscribed by 2.29 times on its opening day on Thursday. The three-day event attracted bids for 1,53,87,600 shares against the 67,21,048 shares available, according to data from the National Stock Exchange (NSE).

Retail Individual Investors led the charge with a 3.28 times subscription, while non-institutional investors subscribed 3.01 times. On the other hand, the quota for Qualified Institutional Buyers (QIBs) received only 2 percent subscription. Prior to this, the company raised Rs 35 crore from anchor investors.

With its base in Chhattisgarh, Jinkushal Industries is a key player in the export trading of construction machinery, including excavators and loaders, to global markets. The IPO proceeds are earmarked for working capital and general corporate purposes. GYR Capital Advisors is the sole book running lead manager for this IPO.

(With inputs from agencies.)