Ken Enterprises, a Maharashtra-based textile manufacturer, has launched its IPO to raise ₹83.65 crore. The IPO will open on February 5, 2025, and close on February 7, 2025.
Ken Enterprises, a Maharashtra-based textile manufacturer, has launched its initial public offering (IPO) to raise ₹83.65 crore. The company, which specializes in the design-to-delivery process for greige and finished fabrics, is aiming to tap into the public market with a fixed price issue set at ₹94 per share. The IPO will open for subscription on February 5, 2025, and close on February 7, 2025.
Ken Enterprises operates as a prominent supplier of fabrics for international brands such as ZARA (Inditex Group), Target, and Primark. It competes with other listed players like Laxmi Cotspin and Pashupati Cotspin in the textile sector. The IPO consists of a fresh issuance of 61.99 lakh shares, worth ₹58.27 crore, and an offer-for-sale of 27 lakh shares, valued at ₹25.38 crore, by existing shareholders.
The promoters, Nikunj Hariprasad Bagdiya and Bina Hariprasad Bagdiya, will be the selling shareholders in the offer-for-sale portion. Proceeds from the fresh issuance will be utilized for various purposes, including the purchase of new machinery, renovation of manufacturing facilities, working capital needs, and potential acquisitions, which remain unspecified.
The company plans to finalize the IPO share allotment by February 10, 2025, and Ken Enterprises shares will start trading on the NSE Emerge platform on February 12, 2025. Corporate Makers Capital is serving as the book-running lead manager for the IPO.
