Jinkushal Industries IPO Closes with Overwhelming Demand from QIBs, HNIs and Retail Investors

Raipur, September 29, 2025 – The ₹116 crore Initial Public Offering of Jinkushal Industries Limited IPO closed on Friday with massive investor subscription, reflecting heavy oversubscription across all investor categories. The issue, which opened on September 25, witnessed exceptionally high demand from Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).

Jinkushal Industries IPO Oversubscription Across Categories

At the end of bidding, demand totaled 41.40 crore shares against an offer of 67.21 lakh shares, which translates into a total subscription of 61.60 times. The NII category led the pack with a subscription of 144.79 times, followed by both large investors investing more than ₹10 lakh (140.59 times) and the smaller bracket of ₹2-10 lakh (153.21 times). Retail investors were also very aggressive with the category, subscribing 42.77 times the amount. At the same time, QIBs subscribed to their portion 32.17 times, with support from foreign institutions, domestic banks, insurance companies, and others.

Jinkushal Industries IPO Price-Wise Bidding Patterns

The bidding was lopsided at the upper end of the price band, with cut-off bids, reflecting strong investor enthusiasm for the issue. Cumulative bids hit a peak of over 41.46 crore shares at ₹115 per share, with higher applications also made at ₹118, ₹120, and the cut-off price.

Jinkushal Industries IPO Strong Anchor Book Subscription

Pre-IPO opening, Jinkushal Industries collected ₹34.83 crore from its anchor book on September 24. The company allocated 28.78 lakh shares at a price of ₹121 each to a diversified list of investors. The anchor component included international players such as Nomura Singapore Limited, ODI, and Revolution Fund, as well as domestic players like HDFC Bank Ltd. and Swyom India Alpha Fund. Although no mutual funds participated, the allotment to international and institutional investors laid a good foundation for the issue to the public.

About the Company

Jinkushal Industries Limited (JKIPL), incorporated in 2007, has evolved from a mining contracting company to a diversified group with a presence in construction machinery exports, mining services, and logistics. Its corporate office is located in Raipur, Chhattisgarh. The company exports new, refurbished, and customized construction equipment to over 30 countries and has been recognized as a Three-Star Export House by the Indian Government. It launched its own branded machines in December 2024 under the brand name HexL, beginning with backhoe loaders, an attempt to expand its margin and global footprint. Through its UAE-headquartered subsidiary, Hexco Global FZCO, the company maintains merchant trade operations to expand its international presence further.

Market Outlook

With over 61 subscription levels, the IPO has become one of the most sought-after issues of 2025. The retail portion came in around 43 times, while the NIIs and QIBs oversubscribed by 145 times and more than 32 times, respectively. The shares of Jinkushal Industries are set to debut on October 3, 2025, and market experts are confident that the listing will garner maximum attention, given the record response.

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