Jinkushal Industries Limited kicked off its journey on the Indian stock market with a disappointing start on Friday. Shares opened slightly above the issue price but quickly hit a 5% lower circuit amid heavy selling.
The stock listed at Rs 125 per share on both the BSE and NSE, marking a modest 3.3% gain over the Rs 121 issue price. It even climbed 2.5% early on, reaching a high of Rs 128 on the BSE. But that momentum faded fast—selling pressure pushed it down over 7% from the peak. By afternoon, it locked at the lower circuit of Rs 118.75, down nearly 5% from the opening price and about 1.85% below the issue level.
This underwhelming debut left many investors scratching their heads. Earlier buzz in the grey market suggested a stronger listing pop, with premiums pointing to gains of Rs 17-21 per share—potentially double-digit returns. Instead, the stock struggled right out of the gate.
The Jinkushal Industries IPO, which ran from September 25 to 29, had drawn massive interest. It closed with a whopping 65.10 times subscription overall. Non-institutional investors led the charge at 146.39 times, while qualified institutional buyers (QIBs) jumped in 35.66 times and retail folks subscribed 47.10 times.
Priced at Rs 116.15 crore, the book-built IPO included a fresh issue of 86 lakh shares raising Rs 104.54 crore, plus an offer-for-sale (OFS) of 10 lakh shares worth Rs 11.61 crore. The company aims to channel Rs 72.68 crore from the proceeds into working capital, with Rs 47.68 crore flowing in this financial year and the rest by FY27.
Jinkushal Industries focuses on three key areas: exporting customized new construction machines with accessories, trading used and refurbished construction equipment, and selling its own ‘HexL’ brand machines. Despite the rocky stock market debut in Mumbai, the company’s strong IPO demand highlights investor faith in its construction sector plays.
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