Announcement: Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec et quam blandit odio sodales pharetra.
Jinkushal Industries: Export-Driven Growth Story from India’s Steel Heartland”
Jinkushal Industries Ltd, an export-focused construction machinery supplier with a footprint across 30 countries, is launching its IPO to fund working capital needs. Backed by its in-house brand HexL and strong global partnerships, this Raipur-based company is gearing up for its next phase of expansion. Here’s a full breakdown of its IPO details, business model, and investor outlook.
Written by: SERNET Research Team
Table of Content
Jinkushal Industries Ltd IPO
Jinkushal Industries Ltd is an export trading company and supplies construction machinery globally. The company has operations across 30 countries; including UAE, Mexico, the Netherlands, Belgium, Australia etc. Apart from selling accessories, the company also customizes the construction machinery to the unique needs of its customers. It also sells some heavy equipment products under its proprietary brand “HexL.”
The IPO is a combination of fresh issue and OFS. Fresh funds will be used for funding the working capital needs of the company. Jinkushal Industries Ltd was promoted by Anilkumar Jain, Abhinav Jain, Sandhya Jain, Tithi Jain, and Yashasvi Jain. The IPO will be lead-managed by GYR Capital Advisors; while Bigshare Services Private Ltd will be the registrar. The company is headquartered at Raipur, in the state of Chhattisgarh.
Highlights of the IPO Issue
Here are the key highlights of the public issue of Jinkushal Industries Ltd.
- The IPO of will be open from September 25th, 2025 to September 29th, 2025. It has a face value of ₹10 per share and IPO price band is set in range of ₹115 to ₹121 per share.
- The IPO of Jinkushal Industries Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by early shareholders.
- The fresh issue portion comprises the issue of 86,40,000 shares (86.40 lakh shares), which at the upper price band of ₹121 per share translates into ₹104.54 crore.
- The OFS of the IPO comprises the sale of 9,59,548 shares (9.60 lakh shares), which at the upper price band of ₹121 per share translates into ₹11.61 crore.
- The overall IPO will comprise of a fresh issue and an OFS of 95,99,548 shares (96.00 lakh shares) worth ₹116.15 crore at the upper band price of ₹121 per share.
The IPO of Jinkushal Industries Ltd will be listed on the NSE and the BSE on the IPO mainboard.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of Jinkushal Industries Ltd
| Event | Tentative Date |
| IPO Open Date | Thursday, 25 September, 2025 |
| IPO Close Date | Monday, 29 September, 2025 |
| Basis of Allotment | Tuesday, 30 September, 2025 |
| Initiation of Refunds to non-allottees | Wednesday, 1 October, 2025 |
| Credit of Shares to Demat | Wednesday, 1 October, 2025 |
| Listing Date on NSE and BSE | Friday, 3 October, 2025 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 28,78,500 shares | 29.99% of total IPO size |
| QIB Shares Offered | 19,21,273 shares | 20.01% of total IPO size |
| NII (HNI) Shares Offered | 14,39,933 shares | 15.00% of total IPO size |
| Retail Shares Offered | 33,59,842 shares | 35.00% of total IPO size |
| Total Shares Offered | 95,99,548 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Jinkushal Industries Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 120 | ₹ 14,520 |
| Retail (Max) | 13 | 1,560 | ₹ 1,88,760 |
| S-HNI (Min) | 14 | 1,680 | ₹ 2,03,280 |
| S-HNI (Max) | 68 | 8,160 | ₹ 9,87,360 |
| B-HNI (Min) | 69 | 8,280 | ₹ 10,01,880 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 120 shares)
Financial Highlights
The table captures the key financials of Jinkushal Industries Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
| Net Revenues (₹ in crore) | 380.56 | 238.59 | 233.45 |
| Sales Growth (%) | 59.50% | 2.20% | |
| Profit after Tax (₹ in crore) | 18.29 | 18.64 | 10.12 |
| PAT Margins (%) | 4.81% | 7.81% | 4.33% |
| Total Equity (₹ in crore) | 86.19 | 43.07 | 24.50 |
| Total Assets (₹ in crore) | 179.35 | 109.44 | 49.39 |
| Return on Equity (%) | 21.22% | 43.29% | 41.29% |
| Return on Assets (%) | 10.20% | 17.04% | 20.48% |
| Asset Turnover Ratio (X) | 2.12 | 2.18 | 4.73 |
| Earnings per share (₹) | 6.15 | 6.27 | 3.40 |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company has maintained the pace of sales growth, but the momentum in profit margins and in ROE has substantially come down in the last 3 years. Profit growth has not been commensurate with the growth in capital and overall asset base.
Valuation Metrics
At the current issue price of ₹121 per share, the valuation of the company is at a P/E ratio of 19.7X in terms of latest year EPS of ₹6.15. However, it may be hard to justify the falling P/E at a time when the PAT margins and the ROE have fallen sharply in the latest year. However, the company has some intangibles favouring its business model.
Its strong presence in the circular economy and the strong global franchise built by the company are positives. A lot will depend on whether the company is able to leverage its proprietary brand “HexL” to create a higher margin. Investors may have to really have a strong reason to invest in this stock.
A Brief on the Anchor Allocation
The anchor issue of Jinkushal Industries Ltd saw a strong response on 24th September 2025 with 29.99% of the IPO size absorbed by anchors. Out of 95,99,548 shares (96.00 lakh shares) on offer, anchors picked up 28,78,500 shares (28.79 lakh shares) accounting for 29.99% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹121 per share. This includes the face value of ₹10 per share plus a share premium of ₹111 per share. The anchor bidding opened and closed on 24th September 2025.
Key Points to Note in the Anchor Allocation Process
Here are the key details pertaining to the anchor bidding of Jinkushal Industries Ltd
| Bid Date | September 24, 2025 |
| Shares Offered | 28,78,500 shares |
| Anchor Portion Size (₹ in crore) | ₹34.83 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | October 30, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 29, 2025 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
Anchor Allocation Investors
On 24th September 2025, Jinkushal Industries Ltd allotted 28,78,500 shares to 6 anchor investors. The allocation was done at the upper IPO price band of ₹121 per share which resulted in overall anchor allocation of ₹34.83 crore. The anchors have already absorbed 29.99% of the total issue size of ₹116.15 crore. Listed below are the Top 6 IPO anchor investors who accounted for anchor collection of ₹34.83 crores, or, 100.00% of anchor allocation.
| Anchor Investors |
No. of Shares |
% of Anchor Portion |
Value Allocated |
|
| 01 | Nomura Singapore Limited ODI | 5,28,060 | 18.34% | ₹ 6.39 |
| 02 | Viney Growth Fund | 5,13,960 | 17.86% | ₹ 6.22 |
| 03 | Steptrade Revolution Fund | 5,13,960 | 17.86% | ₹ 6.22 |
| 04 | Santosh Industries Ltd | 4,95,960 | 17.22% | ₹ 6.00 |
| 05 | Swyom India Alpha Fund | 4,13,280 | 14.36% | ₹ 5.00 |
| 06 | HDFC Bank Ltd | 4,13,280 | 14.36% | ₹ 5.00 |
| Grand Total | 28,78,500 | 100.00% | ₹ 34.83 |
Data Source: BSE Filings (Value Allocated in ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 28,78,500 shares allocated to the anchors in the IPO, there were NIL shares allocated to mutual funds registered with SEBI. Most of the anchor shares were allocated to alternative investment funds (AIFs), P-Notes, and banks.
Next Step in the IPO
Post the closure of the IPO subscription on 29th September 2025, the basis of allotment will be finalized on 30th September 2025 and the refunds will be initiated on 01st October 2025. In addition, the demat credits are expected to also happen on 01st October 2025 and the stock will list on 03rd October 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 01st October 2025 under ISIN (INE1FF001016)
IPO Subscription Status On Day-1
As of 5.15 pm on 25th September 2025, out of the 67.21 lakh shares on offer in the IPO (excluding anchor portion), Jinkushal Industries Ltd saw bids for 153.88 lakh shares. This implies an overall subscription of 2.29X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Jinkushal Industries Ltd was as under:
| Employees (N.A.) | QIBs (0.02X) | HNI / NII (3.01X) | Retail (3.28X) |
The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 28,78,500 | 28,78,500 | 34.83 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 0.02 | 19,21,273 | 29,880 | 0.36 |
| HNIs / NIIs | 3.01 | 14,39,933 | 43,32,720 | 52.43 |
| Retail Investors | 3.28 | 33,59,842 | 1,10,25,000 | 133.40 |
| Total | 2.29 | 67,21,048 | 1,53,87,600 | 186.19 |
Data Source: NSE / BSE (as of close of Day-1 of the IPO)
The IPO is open up to September 29, 2025, at which point we will know the final subscription status of the IPO.
IPO Subscription Status On Day-2
As of 5.25 pm on 26th September 2025, out of the 67.21 lakh shares on offer in the IPO (excluding anchor portion), Jinkushal Industries Ltd saw bids for 343.13 lakh shares. This implies an overall subscription of 5.11X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Jinkushal Industries Ltd was as under:
| Employees (N.A.) | QIBs (0.04X) | HNI / NII (6.79X) | Retail (7.28X) |
The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 28,78,500 | 28,78,500 | 34.83 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 0.04 | 19,21,273 | 80,520 | 0.97 |
| HNIs / NIIs | 6.79 | 14,39,933 | 97,84,200 | 118.39 |
| Retail Investors | 7.28 | 33,59,842 | 2,44,47,840 | 295.82 |
| Total | 5.11 | 67,21,048 | 3,43,12,560 | 415.18 |
Data Source: NSE / BSE (as of close of Day-2 of the IPO)
The IPO is open up to September 29, 2025, at which point we will know the final subscription status of the IPO.
Comments