Kenrik Industries IPO Day 2 update: Subscription lags at 44%, GMP flat

The unlisted shares of Kenrik Industries were trading flat at ₹25 in the grey market

Kenrik Industries IPO Day 2 update: The initial public offering (IPO) of studded gold jewellery maker Kenrik Industries has received a muted response from investors so far. The SME IPO has been subscribed only 44 per cent as of 12:58 PM on day 2 of subscription, according to BSE data. 

 

While the portion reserved for retail investors has been subscribed around 81 per cent, the non-institutional investors (NIIs) quota has been subscribed only 3 per cent. The issue opened for public subscription on Tuesday, April 29, 2025, and will close on Tuesday, May 6, 2025. 

 

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.  

 

Kenrik Industries IPO details

Kenrik Industries aims to raise ₹8.75 crore from the 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. Retail investors can bid for a minimum of one lot consisting of 6,000 shares with an investment amount of ₹1,50,000. The minimum investment required for high-net-worth individuals (HNIs) is ₹3,00,000 for two lots of 12,000 equity shares. 

The basis of the allotment of shares is expected to be finalised on Wednesday, May 7, 2025. The shares of Kenrik Industries will be listed on the BSE SME platform, tentatively on Friday, May 9, 2025, according to the red herring prospectus (RHP).

 

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

 

The company aims to utilise ₹6.56 crore from the net issue proceeds to meet working capital requirements and ₹1.8 crore for general corporate purposes, as per RHP. 

 

About Kenrik Industries

Gujarat-based Kenrik Industries, incorporated in February 2017, is a manufacturer, wholesaler and supplier of plain and studded gold jewellery and ornaments. The company is primarily focused on traditional Indian jewellery. It produces 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' revenue from operations grew 36.4 per cent year-on-year (Y-o-Y) to ₹70.77 crore from ₹51.88 crore in FY24. It reported a PAT of ₹1.08 crore crore in FY25, up 128 per cent from ₹47.44 lakh in the previous fiscal.