Kenrik Industries’ IPO, open for subscription from April 29 to May 2, 2025, has seen a strong retail interest, with 39% of the retail portion already subscribed. The company plans to raise ₹8.75 crore to fund working capital and corporate expenses.
Kenrik Industries Limited, a prominent player in the Indian jewellery market, has launched its Initial Public Offering (IPO) with a price band of ₹25 per share. The IPO opened for subscription on April 29 and will close on May 2, 2025. The company is aiming to raise ₹8.75 crore through this public offering.
Kenrik Industries, established in 2017, specializes in traditional Indian jewellery. The company offers a wide array of handcrafted gold jewellery adorned with precious and semi-precious stones like diamonds, rubies, and cubic zirconia. Their portfolio includes rings, earrings, necklaces, bracelets, and wedding jewellery. Manufactured on a job-work basis, the jewellery products are crafted at Kenrik Industries’ facility in Ahmedabad, Gujarat.
The company operates under a Business-to-Business (B2B) model, catering to high-end, mid-market, and value-market clients, and places a strong emphasis on quality control, inventory management, and customer satisfaction. Each piece is BIS Hallmark certified, ensuring the highest standards in gold purity.
As per the red herring prospectus (RHP), Kenrik Industries’ listed peers include Veerkrupa Jewellers Ltd, Motisons Jewellers Ltd, and Khazanchi Jewellers Ltd.
Subscription Status and Market Response
On the first day of subscription (April 29), the IPO had received a 21% overall subscription, with the retail portion seeing a much stronger response, being subscribed 39%. As of 14:24 IST, the company received bids for 6,90,000 shares against the 33,18,000 shares offered. The Non-Institutional Investors (NII) portion is currently subscribed at 2%.
Despite the solid retail interest, the IPO’s grey market premium (GMP) is currently ₹0, indicating that the shares are trading at the issue price of ₹25 with no premium or discount. This means there is no immediate indication of higher-than-expected investor demand in the grey market.
IPO Details
The IPO consists of a fresh issue of 34,98,000 equity shares, with no offer for sale (OFS) component. The net proceeds from the issue are intended to be used for working capital requirements and other corporate expenses.
Kenrik Industries is managed by Turnaround Corporate Advisors Private Limited, serving as the lead book-running manager. Skyline Financial Services Private Ltd is the registrar for the issue, while Mnm Stock Broking Private Limited is the market maker for the IPO.
The IPO remains open until May 2, 2025, and investors looking to subscribe can place bids for a minimum of 6,000 shares, and in multiples thereafter.
