Day 2: Jinkushal Industries Rs 116-cr IPO gets subscribed 5.10 times

New Delhi, Sep 26 (PTI) The initial public offer of Jinkushal Industries Ltd received 5.10 times subscription on the second day of bidding on Friday.

The company's IPO got bids for 3,42,94,440 shares against 67,21,048 shares on offer, according to NSE data.

The component meant for Retail Individual Investors (RIIs) garnered 7.27 times subscription, while the non-institutional investors quota got subscribed 6.79 times. Qualified Institutional Buyers (QIBs) received 4 per cent subscription.

Jinkushal Industries Ltd on Wednesday said it has collected Rs 35 crore from anchor investors.

The company's public issue will be available for public subscription till September 29 in a price band of Rs 115-121 per share.

The IPO has a fresh issue of 86.40 lakh shares and an offer-for-sale (OFS) of 9.6 lakh shares by the promoters.

The firm plans to utilise the proceeds from the fresh issue towards funding the working capital requirements and for general corporate purposes.

Based in Chhattisgarh, the company is engaged in export trading of new/customised and used or refurbished construction machines in global markets. It specialises in the export trading of construction machines, including hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers.

The company has supplied more than 1,500 construction machines, comprising over 900 new (with customisation or accessorised) and 600-plus used or refurbished construction machines.

GYR Capital Advisors is the sole book-running lead manager to the IPO. PTI SUM SUM SHW