Jinkushal Industries IPO Sees High Day 2 Demand - Subscribed 3.47 Times

Raipur, September 26, 2025 – ₹116 crore Initial Public Offering (IPO) of Jinkushal Industries Limited saw a sizzling day two demand with overall subscriptions touching 3.47 times till 12:03 PM. The retail and non-institutional investors dominated the show, while Qualified Institutional Buyers (QIBs)subscription was subdued.

Good Retail and NII Interest

Retail investors proved to be the strength driver, wanting in excess of 1.70 crore shares and oversubscribing their share at allotted 5.07 times. Non-institutional investors also came with decent demand, with demand being higher than 4.3 times the offer size. In this category, bids between ₹2-10 lakh buckets were robust, oversubscribing more than eight times, showing robust demand from retail high-net-worth individuals.

On the other hand, QIB subscription has been muted so far, with just 0.03 times subscription at midday. Institutional bids tend to pick up on the final day of an IPO though, so it’s an area worth watching.

Price Band and Investor Sentiment

Jinkushal Industries IPO, quoted in the range of ₹115 to ₹121 per share, witnessed applications at the cut-off price for the most part, a sign of investor optimism regarding the valuation of the company. Cumulative bids reached a record over 2.33 crore shares by the midday, well above the offering of 67.2 lakh shares. The cut-off bids amounting to over 1.43 crore shares indicate that investors are happy to subscribe at the higher price end.

Issue Structure and Listing Plans

Jinkushal Industries is looking to raise ₹116 crore in this offering, with a fixed lot size of 120 shares, at an expense of ₹14,520 at the upper price band. The IPO has opened on September 25 and will close on September 29. The shares are to be listed on October 3, 2025.

Prior to the critical issue, the company raised ₹34.83 crore from anchor investors like Nomura Singapore, HDFC Bank, Viney Growth Fund, Revolution Fund, Santosh Industries, and Swyom India Alpha Fund.

Outlook

With day one subscription figure already almost three and a half times, analysts expect high data subscription on the final day to push demand even higher. Such good acceptance from retail and non-institutional investors is a testament to high confidence in Jinkushal Industries’ growth opportunity and price band.

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