Kenrik Industries IPO Day 5: Issue subscribed 2 times; check GMP and other details

Kenrik Industries IPO opened for subscription on Tuesday, April 29, and closed on Tuesday, May 6. Kenrik Industries IPO price band has been fixed at ₹25 per equity share of face value of ₹10 each. Bids can be made for a minimum of 6,000 equity shares and in multiples of 6,000 equity shares thereafter.

Established in 2017, Kenrik Industries Limited specializes in the design and distribution of traditional Indian jewellery. The company’s offerings include handmade gold jewellery adorned with precious and semi-precious stones, such as diamonds, rubies, and cubic zirconia.

Kenrik Industries boasts a broad portfolio that features rings, earrings, armlets, pendants, nose rings, bracelets, chains, necklaces, bangles, watches, luxury items, and wedding jewellery. These products are tailored to fulfill specific customer needs and are produced on a job-work basis at the company's facility situated in Ahmedabad, Gujarat.

Currently, Kenrik Industries functions under a Business-to-Business (B2B) model, serving clients in high-end, mid-market, and value market segments. The company places a strong focus on quality control, inventory management, and business development, ensuring that all jewellery comes with BIS Hallmark certification.

As per the red herring prospectus (RHP), the company's listed peers are Veerkrupa Jewellers Ltd (with a P/E of 4.06), Motisons Jewellers Ltd (with a P/E of 38.68), and Khazanchi Jewellers Ltd (with a P/E of 28.15).

Kenrik Industries IPO Subscription Status

Kenrik Industries IPO subscription status is 2 times on day 5. The retail portion was subscribed 3.79 times, and NII portion was booked 20%.

The company has received bids for 66,24,000 shares against 33,18,000 shares on offer, at 6 pm, according to data on chittorgarh.com.

Kenrik Industries IPO details

Kenrik Industries IPO consists of a fresh issue of 34,98,000 equity shares, aggregating to ₹8.75 crore. There's no offer for sale (OFS) component.

Kenrik Industries plans to use the net proceeds from its IPO for several purposes, including fulfilling working capital needs and covering general corporate expenses.

Turnaround Corporate Advisors Private Limited serves as the book-running lead manager for the Kenrik Industries IPO, whereas Skyline Financial Services Private Ltd functions as the registrar for this issue. The market maker for the Kenrik Industries IPO is Mnm Stock Broking Private Limited.

Kenrik Industries IPO GMP today

Kenrik Industries IPO GMP or grey market premium was ₹0, which meant shares were trading at their issue price of ₹25 with no premium or discount in the grey market according to investorgain.com

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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