On February 12, Ken Enterprises shares debuted at ₹85 on NSE SME, 9.57 percent lower than the issue price of ₹94. Ken Enterprises’ IPO, worth ₹83.65 crore, was offered for subscription from February 5–February 7. The SME IPO price was set at ₹94 per equity share. Following three days of bidding, Ken Enterprises’ IPO ended with respectable demand, receiving 4.36 times bids. The IPO got bids for 3.68 crore shares, with 84.54 lakh on offer. The retail investor group was booked 6.86 times, while the non-institutional investors (NII) category was subscribed to 1.75 times throughout the three days of bidding.
About the IPO:
Ken Enterprises’ IPO consisted of a fresh issue of 61.99 lakh shares totaling ₹58.27 crore and an offer for sale of 27.00 lakh shares worth ₹25.38 crore. Retail investors can apply with a lot size of 1,200 shares and a minimum investment of ₹1.12 lakh.
The business intends to use the cash raised to pursue various goals, including prospective acquisitions in India and overseas, the purchase of new machinery, and capital expenditure to restore both manufacturing locations. Furthermore, a part of the cash will cover working capital needs. However, the corporation will not benefit from the Offer for Sale. Corporate Makers Capital Ltd. is the book-running lead manager for the Ken Enterprises IPO, while Skyline Financial Services Private Ltd is the registrar. Giriraj Stock Broking Private Limited is the market maker for Ken Enterprises’ IPO.
About the firm:
Ken Enterprises Limited, founded in 1998, is a textile manufacturing company that produces fabrics for various uses such as garments, industrial usage, technical textiles, shirting, and home furnishings. The firm specializes in greige textiles and uses third-party manufacturing services on a job-by-job basis in and around Ichalkaranji, Maharashtra—a well-known fabric weaving hub—to increase production capacity. With a company strategy focused on quality and customer satisfaction, Ken Enterprises provides regular and sustainable greige and completed textiles on an order-by-order basis. It offers greige, dyed, printed, and RFD/PFD textiles.
