Jinkushal Industries IPO in focus: Jinkushal Industries initial public offering (IPO) is scheduled to kick off for subscription on Thursday, September 25, and will remain open until Monday, September 29.
The company aims to raise ₹116.11 crore through the offering, combination of fresh issue of 0.86 crore shares aggregating to ₹104.49 crore and offer for sale of 0.10 crore shares aggregating to ₹11.61 crore.
The IPO price band is set at ₹115 to ₹121 per share. Retail investors can apply for a minimum of 120 shares in one lot and can apply for up to 13 lots. At the upper end of the IPO price band, ₹121 apiece, retail investors are required to make a minimum investment of ₹14,520 per lot.
Let us take a look at some of the key points mentioned in the Jinkushal Industries RHP:
Exporter of Construction Materials: The company is engaged in export trading of new, customized, and used refurbished construction machines such as hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers in global markets.
The company, citing the CareEdge Report, said it is the largest non-OEM construction machines exporter with a 6.9% market share and is recognized as a Three-Star Export House by the Directorate General of Foreign Trade, Government of India.
Business Verticals: The company primarily operates across three key business verticals: export trading of customized, modified, and accessorized new construction machines; export trading of used and refurbished construction machines; and export trading of its own brand, ‘HexL,’ construction machines, presently in the backhoe loaders category.
Export to Over 30 Countries: The company carries out export trading of refurbished, customized, modified, accessorized new and used construction machines to over thirty countries globally, as of the date of this Red Herring Prospectus (RHP). Its customers include overseas wholesale buyers, distributors, importers, and some end-users such as construction and rental companies.
Launched Own Brand: The company has launched its own brand, ‘HexL,’ for construction machines and partnered with third-party manufacturers in China through a contract manufacturing arrangement. Under this model, its construction machines are manufactured according to the company’s specifications and standards to meet market demand.
Export Data: As of the date of this Red Herring Prospectus, the company has successfully supplied over 1,500 construction machines, comprising over 900 new (customized, modified, or accessorized) and over 600 used/refurbished construction machines.
During Fiscal 2025, Fiscal 2024, and Fiscal 2023, the company supplied over 1,249 construction machines, comprising over 928 new (customized or accessorized) and over 366 used/refurbished construction machines.
Revenue Concentrated in Hydraulic Excavators: The company generates the majority of its revenue from selling hydraulic excavators. In FY24, it sold 211 units, generating ₹16,917.92 lakhs in revenue, which accounted for 72% of the total revenue of ₹23,491 lakhs.
Majority of Sales Driven by Mexican Market: In FY24, the company sold a total of 364 units, with the majority exported to Mexico. Revenue from Mexico accounted for 82.52% of total exports, followed by the UAE (6.28%) and the Netherlands (2.98%).
Strong Customer Relationships: During Fiscal 2025, Fiscal 2024, and Fiscal 2023, 84.15%, 84.19%, and 84.34% of the company’s revenue from operations, respectively, was generated from customers who have maintained their association for the last three fiscals.
Objectives of the Issue: The company proposes to use the proceeds from the issue towards funding the working capital requirements of the company and general corporate purposes.
Allotment and Listing Details: The allotment of shares is expected to be finalized on September 30, 2025, with a tentative listing on both the BSE and NSE scheduled for Wednesday, October 03, 2025.
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