Jinkushal Industries Ltd (JKIPL) is looking to raise Rs 116 crore through its initial share-sale, which will open for public subscription on September 25.
In a public announcement, the company said it has fixed a price band of Rs 115 to Rs 121 per share, valuing the company at around Rs 464 crore at the upper end.
The upcoming IPO -- a combination of a fresh issue of 86.36 lakh shares and an offer-for-sale (OFS) of 9.6 lakh shares by promoters -- will conclude on September 29. At the upper end, the company would raise Rs 116 crore.
JKIPL plans to utilise the proceeds from the fresh issue towards funding the working capital requirements and for general corporate purposes.
Based in Chhattisgarh, the company is engaged in export trading of new/customised and used or refurbished construction machines in global markets. It specialises in the export trading of construction machines, including hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers.
The company has supplied over 1,500 construction machines, comprising over 900 new (with customisation or accessorised) and over 600 used or refurbished construction machines.
It has exported construction machines to over 30 countries, including the UAE, Mexico, the Netherlands, Belgium, South Africa, Australia, and the UK, as per the draft papers.
In terms of issue allocation, 50 per cent of the IPO is reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors. The minimum lot size for application is 120 shares and in multiples thereafter.
GYR Capital Advisors is the sole book-running lead manager (BRLM) to the IPO. Shares of the company are expected to list on the BSE and NSE on October 3.
