Kenrik Industries share price locked in 5% upper circuit after flat debut

Kenrik Industries share price made a flat debut on BSE SME today, May 9. Kenrik Industries share price today opened at ₹25.01, which was almost the same as the issue price of ₹25. Following the tepid debut, Kenrik Industries share price today was locked in the 5% upper circuit limit.

Kenrik Industries IPO opened for subscription on April 29 and closed on May 6. Kenrik Industries IPO subscription status on the last bidding day was 2 times, according to chittorgarh.com.

Kenrik Industries specialises in designing and distributing traditional Indian jewellery. Their collection features handcrafted gold jewellery adorned with precious and semi-precious stones, such as diamonds, rubies, and cubic zirconia.

The extensive product range of Kenrik Industries includes rings, earrings, armlets, pendants, nose rings, bracelets, chains, necklaces, bangles, watches, luxury items, and wedding jewellery. These items are tailored to fulfill specific customer needs and are produced on a job-work basis at the company's facility in Ahmedabad, Gujarat.

Currently, Kenrik Industries operates under a Business-to-Business (B2B) model, serving customers in the high-end, mid-market, and value market segments. The company prioritizes quality control, inventory management, and business development, guaranteeing that all jewellery is certified by the BIS Hallmark.

Kenrik Industries IPO details

The Kenrik Industries IPO, valued ₹8.75 crore, included a fresh issuance of 34,98,000 equity shares with a face value of ₹10. There was no "offer for sale" component.

Kenrik Industries IPO aims to use the net proceeds from the offering for various purposes, including addressing working capital needs and covering general corporate expenses.

Turnaround Corporate Advisors Private Limited served as the book-running lead manager for the Kenrik Industries IPO, while Skyline Financial Services Private Ltd acted as the registrar for the offering. The market maker for the Kenrik Industries IPO was MnM Stock Broking Private Limited.

Kenrik Industries IPO GMP today

Kenrik Industries IPO GMP today or grey market premium ahead of the listing 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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