Kenrik Industries IPO Day 4 update: Fully subscribed, GMP remains flat

Kenrik Industries IPO Day 4 update: The initial public offering (IPO) of Kenrik Industries, which opened for subscription on April 29, has received a muted response from investors as it managed to sail through the 100 per cent subscription mark only on day 4 of bidding. The issue has been subscribed by 1.08 times as of 12:20 PM, today. The portion reserved for retail investors has been booked 2.05 times and the non-institutional investors (NIIs) quota was booked 0.11 times. However, the issue failed to secure any bids from qualified institutional buyers (QIBs). 

 

Kenrik Industries IPO GMP

In the grey market, the unlisted shares of Kenrik Industries were trading flat at ₹25, the issue price, according to sources tracking unofficial markets. 

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Kenrik Industries IPO details

The plans to raise ₹8.75 crore through a fresh issue of 3.49 million equity shares. There is no offer for sale (OFS) component. The company has fixed the price band at ₹25 per equity share. The minimum lot size for an application is 6000 shares. A retail investor can bid for a minimum of one lot with a minimum investment amount of ₹1,50,000. The minimum investment required for high-net-worth individuals is ₹3,00,000 for two lots. 

 

The issue will close for bidding on Tuesday, May 6, 2025. The basis of the allotment of shares is expected to be finalised on Wednesday, May 7. Shares of Kenrik Industries are scheduled to list on BSE SME platform tentatively on Friday, May 9, 2025.

 

Skyline Financial Services is the registrar for the issue. Turnaround Corporate Advisors is the sole book-running lead manager.

 

According to the red herring prospectus (RHP), the company aims to utilise ₹6.56 crore from the net fresh issue proceeds to meet working capital requirements and ₹1.8 crore for general corporate purposes.

 

About Kenrik Industries

Incorporated in February 2017, Gujarat-based Kenrik Industries is a manufacturer, wholesaler and supplier of plain and studded gold jewellery and ornaments. The company mainly focuses on traditional Indian jewellery. It makes handmade gold jewellery studded with precious and semi-precious stones such as diamonds, ruby, cubic zirconia etc. The company's manufacturing facility is located in Ahmedabad, Gujarat.  

 

In the financial year 2023-24 (FY25), Kenrik Industries reported revenue from operations of ₹70.77 crore, up 36.4 per cent year-on-year (Y-o-Y) from ₹51.88 crore in FY24. It reported a profit after tax (PAT) of ₹1.08 crore crore in FY25, up 128 per cent from ₹47.44 lakh in the previous fiscal.