IPO Alert: Jinkushal Industries and Corona Remedies Submit Draft Papers to SEBI

Two companies – Jinkushal Industries Ltd and Corona Remedies Ltd have filed draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (SEBI) for proposed Initial Public Offerings (IPOs). Below are the details:

Jinkushal Industries Ltd

Jinkushal Industries Ltd, a Chhattisgarh-based exporter of construction machinery, filed its IPO papers with SEBI on April 30, 2025. The IPO consists of a fresh issue of 86.5 lakh equity shares and an offer for sale of 10 lakh shares, totalling 96.5 lakh shares. Each share has a face value of ₹10.

The company is engaged in the global export of both new/customised and used/refurbished construction machines. Its offerings include hydraulic excavators, motor graders, wheel loaders, backhoe loaders, bulldozers, cranes, and asphalt pavers. It also exports machines under its in-house brand, HexL.

For FY24, Jinkushal Industries reported a profit of ₹18.6 crore, an increase of 84.3% year-on-year, and revenue of ₹238.6 crore. During the 9 months ending December 2024, it reported a profit of ₹18.12 crore on ₹302.5 crore revenue. The company’s Return on Equity (ROE) stood at 42.18%, and its revenue CAGR was 56.7%.

The funds from the fresh issue will be used primarily for working capital requirements (₹72.7 crore) and general corporate purposes. The issue will be managed by GYR Capital Advisors Private Limited, and the shares will be listed on NSE and BSE.

Corona Remedies Ltd

Ahmedabad-based Corona Remedies Ltd has filed a DRHP to raise ₹800 crore via an Offer for Sale (OFS). The company will not issue any new shares. The offer involves sales by the promoter group led by Dr. Kirtikumar Laxmidas Mehta and ChrysCapital, which holds a 27.5% stake through Sepia Investments, Anchor Partners, and Sage Investment Trust.

Corona Remedies is a pharmaceutical formulation company with products in women’s health, cardiovascular and diabetes care, urology, and pain management. As of December 31, 2024, the company had a portfolio of 67 brands. For FY24, it reported ₹1,014.5 crore in revenue. 

JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company are the lead book-running managers. The shares will be listed on BSE and NSE.

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Conclusion

Jinkushal Industries and Corona Remedies have officially started the IPO process by filing draft papers with SEBI. Jinkushal aims to raise funds mainly for working capital needs, while Corona’s offer is entirely a stake sale by promoters and investors. Both companies now await regulatory approval before moving to the next stage.

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