Jinkushal Industries Ltd., India’s leading exporter of non-OEM construction machinery, is set to close its ₹116.15 crore Initial Public Offering (IPO) today, September 29, 2025. The issue has witnessed strong oversubscription and a steady Grey Market Premium (GMP), cementing expectations for a healthy debut on the bourses.
The Grey Market, an unofficial barometer for listing sentiment, is pricing Jinkushal’s unlisted shares at a premium of approximately ₹17 to ₹21 over the upper price band of ₹121 per share. This premium translates to an expected listing price in the range of ₹138 to ₹142, indicating a potential listing gain of around 14% to 17.36% for investors.
The ‘Refurbish-and-Export’ Niche
Investor enthusiasm stems from the company’s unique, asset-light business model, which specializes in the export of new, customized, and refurbished construction machines. Jinkushal commands a significant global footprint, with over 99% of its revenue derived from exports to more than 30 countries, including key markets like the UAE, Mexico, and Australia.
The model is built on two high-growth pillars: catering to specialized client needs with customized new equipment and capitalizing on the surging global demand for cost-effective, refurbished machinery. The firm is further integrating vertically by pushing its proprietary ‘HexL’ brand of backhoe loaders.
Subscription Led by Retail and HNIs
The three-day issue, which opened on September 25, has been oversubscribed more than five times (5.10x to 5.11x) by the close of the second day.
- Retail Investors have shown the most aggressive interest, bidding for over 7 times their reserved portion.
- Non-Institutional Investors (NIIs), which include High-Net-Worth Individuals (HNIs), followed closely, subscribing over 6.79 times.
- Qualified Institutional Buyers (QIBs), who typically participate heavily on the final day, are yet to fully subscribe.
Financially, the company reported robust growth in the last fiscal year (FY25), with revenues climbing 59% year-on-year to approximately ₹381 crore and a Profit After Tax (PAT) of ₹19 crore. The IPO proceeds, comprising a fresh issue of ₹104.54 crore, are primarily earmarked for funding working capital requirements.
While some analysts note the issue is valued at a relatively high 30.1 times FY25 earnings at the upper price band, the unique export-driven business and strategic move towards its own brand have led several brokerage firms to assign a “Subscribe for Long-Term” rating.
Investors have until 5:00 PM today to submit their bids. The final allotment of shares is tentatively scheduled for Tuesday, September 30, 2025, with the listing expected on Friday, October 3, 2025, on both the BSE and NSE.
Disclaimer: The Grey Market Premium (GMP) is an unofficial and unregulated indicator and should not be relied upon as a guarantee of the official listing price. IPO investments are subject to market risks, and investors are advised to consult a certified financial advisor and read the Red Herring Prospectus (RHP) thoroughly before making any investment decision.