JKIPL plans IPO to raise working capital, DRHP reveals risks

Chhattisgarh-based exporter of construction machinery, Jinkushal Industries Private Limited (JKIPL), has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an IPO. The company seeks to boost working capital via a fresh issue, but DRHP disclosures hint at underlying financial challenges.