IPO
Construction machinery exporter Jinkushal Industries’ Rs.116-Cr IPO oversubscribed
Economic Times MoneyControl Jinkushal Industries
The INR 116.15 crore initial public offering (IPO) of Raipur-based global export and trading company for construction machinery Jinkushal Industries received 35 times subscription on the final day of bidding so far. The IPO got bids for 23.61 crore shares against 67.21 lakh shares on offer, at a price band of INR 115-121 per share.The Retail Individual Investors (RIIs) component received 31.25 times subscription, while the Non-Institutional Investors (NIIs) quota was bid 87.22 times. Qualified Institutional Buyers (QIBs) received 3 times subscription. The company collected INR 35 crore from anchor investors.The firm plans to use the proceeds from the fresh issue for funding the working capital requirements.Founded in 2007, Jinkushal Industries is engaged in exporting new/customised and refurbished construction machinery – including hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers.
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