Jinkushal Industries Limited experienced a disappointing market debut on Friday, as shares fell 5 percent to the lower circuit despite initial gains. The stock opened at 125 rupees per share on the BSE and NSE, representing a 3.3 percent premium over the issue price of 121 rupees, but selling pressure pushed it down to 118.75 rupees by afternoon.
The weak performance contradicted earlier grey market premium indicators that suggested potential double-digit gains of 17 to 21 rupees per share. The company's initial public offering attracted strong investor interest from Sept. 25 to 29, with a subscription rate of 65.10 times, led by non-institutional investors who subscribed 146.39 times.
The 116.15 crore rupee book-built issue consisted of a fresh issue of 86 lakh shares, raising 104.54 crore rupees, and an offer-for-sale of 10 lakh shares, worth 11.61 crore rupees. The company plans to allocate 72.68 crore rupees toward working capital requirements and operates three business verticals focused on construction machine trading.
The weak performance contradicted earlier grey market premium indicators that suggested potential double-digit gains of 17 to 21 rupees per share. The company's initial public offering attracted strong investor interest from Sept. 25 to 29, with a subscription rate of 65.10 times, led by non-institutional investors who subscribed 146.39 times.
The 116.15 crore rupee book-built issue consisted of a fresh issue of 86 lakh shares, raising 104.54 crore rupees, and an offer-for-sale of 10 lakh shares, worth 11.61 crore rupees. The company plans to allocate 72.68 crore rupees toward working capital requirements and operates three business verticals focused on construction machine trading.
