Jinkushal IPO Frenzy: 65x Oversubscription Sparks Investor Anticipation

On September 30, 2025, the allotment process for Jinkushal Industries' initial public offering (IPO) concluded after drawing overwhelming investor demand. The IPO, which closed on September 29, 2025, was subscribed a staggering 65 times.

Retail investors were particularly eager to get a piece of the action, bidding 47 times their reserved quota. Non-institutional investors (NIIs) also joined the frenzy, submitting bids that were 146 times their allotted portion. Even qualified institutional buyers (QIBs) put in nearly 36 times their share.

This unprecedented level of oversubscription has left investors eagerly awaiting the company's market debut on October 3, 2025. However, market analysts have cautioned that the stock may be "fully priced" at the IPO level, potentially limiting aggressive listing gains despite the strong investor interest.

Jinkushal Industries, founded in 2007, is an export-oriented trading firm specializing in construction machinery. The company supplies new, customized, and refurbished equipment across more than 30 countries, including the UAE, Mexico, Netherlands, and the UK. It has also launched its own brand of backhoe loaders under the HexL name, manufactured through a partnership with a Chinese venture.

The IPO consisted of a fresh issue of Rs 104.54 crore and an offer for sale of Rs 11.61 crore by existing shareholders. The company plans to deploy most of the proceeds toward meeting working capital requirements, with the balance earmarked for general corporate purposes.