Kenrik Industries IPO Off to Modest Start with 24% Day-One Subscription

The SME IPO of Gujarat-based jewellery manufacturer Kenrik Industries opened on April 29, 2025, with a subscription rate of 24% on its debut day. The company aims to raise ₹8.75 crore through a fresh issue of 34.98 lakh shares priced at ₹25 each.

Key Highlights:

Subscription Breakdown: Retail investors led the bidding, accounting for most of the 8.4 lakh shares subscribed against the 34.98 lakh shares on offer. Non-institutional investors (NIIs) showed limited interest, contributing only 36,000 shares.

IPO Structure: The issue is entirely a fresh equity offering, with 47.51% reserved for retail investors and 47.34% for NIIs. Promoters will retain a 72.01% stake post-listing.

Financials: For the seven months ending October 2024, Kenrik reported revenue of ₹42.19 crore and a net profit of ₹78 lakh. FY25 annualized revenue surged 36.4% year-on-year to ₹70.77 crore, with profit after tax doubling to ₹1.08 crore.

Fund Utilization: ₹6.56 crore from the proceeds will address working capital needs, while ₹1.8 crore is earmarked for general corporate purposes.

Listing Timeline: The IPO closes on May 6, with shares expected to debut on the BSE SME platform on May 9, 2025.

The lukewarm initial response reflects cautious investor sentiment amid the company’s niche focus on traditional handmade gold jewellery.

Sources: Moneycontrol, ANI, Tribune India, Business Standard