Jinkushal Industries shares end marginally higher in market debut trade

New Delhi, Oct 3 (PTI) Shares of Jinkushal Industries on Friday ended marginally higher than the issue price of Rs 121.

The stock started trading at Rs 125, up 3.30 per cent from the issue price on both the BSE and NSE.

During the day, it hit a high of Rs 128, a jump of 5.78 per cent on the BSE. The stock ended at Rs 121.60 apiece, up 0.50 per cent.

On the NSE, it ended at Rs 121.66 per share, up 0.54 per cent.

The company's market valuation stood at Rs 466.77 crore.

The initial public offering of Jinkushal Industries attracted 65.10 times subscription on the final day of share sale on Monday.

The company's public issue had a price band of Rs 115-121 per share.

The IPO had 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 machines. PTI SUM SUM SHW