Jinkushal Industries files IPO papers with Sebi
Jinkushal Industries Ltd (JKIPL) has filed preliminary papers with
capital
markets regulator Sebi seeking its go-ahead to float an initial public offering (IPO). The
IPO
is a combination of a fresh issue of 86.5 lakh
shares
and an offer for sale (OFS) of 10 lakh shares by promoters, according to the draft red herring prospectus (DRHP) filed on Wednesday.
JKIPL proposes to utilise the proceeds from the fresh issue towards funding the
working capital
requirements and for general corporate purposes.
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The Chhattisgarh-based company is engaged in export trading of new/customised and used/refurbished construction machines in global markets. It specialises in export trading of construction machines such as hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers.
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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.
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Recently, JKIPL launched its brand, 'HexL', for construction machines. This marks a transition from other brands'
product
sales model to its own brand sales model. Going forward, the company intends to launch
categories
of construction machines, including electric construction equipment, under its brand name.
GYR Capital Advisors is the sole book-running lead manager (BRLM) to the proposed IPO.
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