Kenrik Industries IPO
- IPO Date29 Apr, 2025 to 06 May, 2025
- Listing Date09 May, 2025
- Face Value₹10 per share
- Issue Price₹25 to ₹25 per share
- Lot Size6000 Shares
- Minimum Investment₹1,50,000
- Listing AtBSE SME
- Total Issue Size34,98,000 Shares
(aggregating up to ₹8.74 Cr) - Fresh Issue34,98,000 Shares
(aggregating up to ₹8.74 Cr)
- Offer for Sale-
- Issue TypeFixed Price IPO
- Share holding pre issue89,99,900
- Shareholding post issue1,24,97,900
IPO Dates
Closing Date
06 May, 2025
Initiation of Refunds
08 May, 2025
Listing Date
09 May, 2025
29 Apr, 2025
Opening Date
07 May, 2025
Basis of Allotment
08 May, 2025
Credit of Shares
Kenrik Industries Lot Size
Investors can bid for a minimum of 6000 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 6000 | ₹1,50,000 |
| Retail (Max) | 1 | 6000 | ₹1,50,000 |
| HNI (Min) | 2 | 12000 | ₹3,00,000 |
Kenrik Industries Promoter Holding
Nitinkumar Dalpatbhai Shah, Nihar Nitinbhai Shah, Manisha Nitinkumar Shah, Shah Nitin Dalpatlal (HUF) are the company promoters.
| Pre Issue Share Holding | Post Issue Share Holding |
|---|---|
| 100% | 72.01% |
Kenrik Industries COMPANY INFORMATION
Kenrik Industries IPO is a fixed price of ₹8.75 crores. The issue is entirely a fresh issue of 34.98 lakh shares. Kenrik Industries IPO bidding started from April 29, 2025 and ended on May 6, 2025. The allotment for Kenrik Industries IPO was finalized on Wednesday, May 7, 2025. The shares got listed on BSE SME on May 9, 2025. Kenrik Industries IPO price is ₹25 per share. The minimum lot size for an application is 6000. The minimum amount of investment required by retail investors is ₹1,50,000. The minimum lot size investment for HNI is 2 lots (12,000 shares) amounting to ₹3,00,000. Turnaround Corporate Advisors Private Limited is the book-running lead manager of the Kenrik Industries IPO, while Skyline Financial Services Private Ltd is the registrar for the issue.The market maker for Kenrik Industries IPO is Mnm Stock Broking Private Limited. Refer to Kenrik Industries IPO RHP for detailed information.
Incorporated in 2017, Kenrik Industries Limited is engaged in the design and distribution of traditional Indian jewellery. The company’s product range features handmade gold jewellery studded with precious and semi-precious stones, including diamonds, rubies, and cubic zirconia.
Kenrik Industries Limited offers an extensive portfolio that includes rings, earrings, armlets, pendants, nose rings, bracelets, chains, necklaces, bangles, watches, luxury items, and wedding jewellery. The products are crafted to meet specific customer requirements and are manufactured on a job-work basis at the company’s facility located in Ahmedabad, Gujarat.
Kenrik Industries Limited currently operates under a Business-to-Business (B2B) model, catering to customers across high-end, mid-market, and value market segments. The company places strong emphasis on quality control, inventory management, and business development, ensuring all jewellery is certified by BIS Hallmark.
As of July 31, 2024, Kenrik Industries Limited has a total of 9 employees across various departments.
Kenrik Industries Limited IPO Analysis
Overview of Kenrik Industries Limited IPO
Kenrik Industries Limited, a Gujarat-based company primarily engaged in dealing in gold and silver ornaments and bullion, is offering its equity shares to the public through an Initial Public Offering (IPO). The IPO is being launched on the SME platform of BSE Limited (BSE SME) with a 100% fixed price issue. The company was originally incorporated in 2017 and converted to a public limited company in 2018.
Kenrik Industries Limited IPODetails
Issue Structure
Kenrik Industries is offering 34,98,000 equity shares of face value ₹10 each at an issue price of ₹25, including a premium of ₹15. The issue size aggregates to ₹874.50 lakhs. Of this, 1,80,000 equity shares are reserved for the market maker, and the net issue of 33,18,000 equity shares will represent 26.55% of the post-issue capital.
Use of Proceeds
The company intends to utilize the net proceeds of ₹836.25 lakhs as follows:
₹656.25 lakhs (78.48%) for working capital requirements
₹180 lakhs (21.52%) for general corporate purposes
Important Dates
Issue Opens: April 29, 2025
Issue Closes: May 6, 2025
Listing Exchange: BSE SME Platform
Financial Highlights
Revenue and Profit Trends
Kenrik Industries has shown a consistent growth trajectory:
Revenue grew from ₹3,269.17 lakhs in FY22 to ₹7,097.46 lakhs in FY24.
Profit After Tax (PAT) rose from ₹38.12 lakhs in FY22 to ₹108.46 lakhs in FY24.
Key Financial Metrics (As of October 31, 2024)
Total Revenue: ₹4,218.58 lakhs (for 7 months)
Net Worth: ₹1,336.76 lakhs
Total Borrowings: ₹98.85 lakhs
EPS (Basic & Diluted): ₹1.49
Net Asset Value: ₹14.85 per share
Business and Industry Overview
Kenrik Industries operates in the Indian gems and jewellery sector, which was valued at USD 78.5 billion in FY21. The industry benefits from export demand, especially following trade agreements like CEPA with the UAE. The company operates with a labour-intensive manufacturing process, which limits measurable installed capacity.
Promoter Shareholding and Company Background
Promoters hold 99.996% of the pre-issue capital.
Major shareholders include Nitinkumar Dalpatbhai Shah (50.87%) and Nihar Nitinbhai Shah (32.85%).
The company does not have any significant financial or strategic partnerships and has had no major corporate restructuring events.
Kenrik Industries Limited IPO Pros and Cons
Pros
Strong Revenue Growth: Impressive revenue trajectory over the past three fiscal years.
Efficient Working Capital Utilization: Large portion of IPO proceeds allocated to working capital.
Minimal Debt: Low leverage with total borrowings under ₹100 lakhs.
Industry Potential: Positioned within a high-potential export-driven industry.
Experienced Promoters: Promoters with long-standing involvement in the jewellery industry.
Cons
High Promoter Concentration: Limited public shareholding post-IPO may affect liquidity.
No Dividend History: The company hasn’t declared dividends in the past three years.
Pending Legal Proceedings: Some ongoing litigation against directors and promoters could pose risks.
SME Listing: Limited investor participation and liquidity risks compared to mainboard listings.
Manual Operations: Labour-intensive processes may limit scalability and margin improvements
FAQs About Kenrik Industries IPO
Kenrik Industries IPO will open on 29 Apr, 2025 and close on 06 May, 2025. Investors must apply within this period to participate.
The Kenrik Industries IPO price band is set between ₹25.00 and ₹25.00 per share. The minimum lot size is 6000, requiring an investment of at least ₹150000.00.
The Kenrik Industries IPO shares are expected to be listed on 09 May, 2025, subject to regulatory approvals and final allotment.
You can track your Kenrik Industries IPO application status on the registrar’s website: Link Intime or KFintech using your PAN, application number, or DP ID
The Kenrik Industries IPO will be listed on major stock exchanges such as BSE, where you can trade shares once they are listed.
The IPO size is ₹874.50 lakhs, offering 34,98,000 equity shares at ₹25 each, which includes a premium of ₹15.
The proceeds will primarily fund working capital (₹656.25 lakhs) and general corporate purposes (₹180 lakhs).
The IPO opens on April 29, 2025, and closes on May 6, 2025.
The shares are proposed to be listed on the SME platform of BSE Limited (BSE SME).
Yes, the company reported profits for the last three years, with PAT of ₹108.46 lakhs in FY24 and ₹78.19 lakhs in the seven-month period ending October 2024.
Lead Manager: Turnaround Corporate Advisors Pvt. Ltd. Registrar: Skyline Financial Services Pvt. Ltd.
Yes. Investors should consider promoter concentration, lack of dividend history, pending litigations, and the limited liquidity of SME stocks before investing.
As an SME IPO, retail investors typically need to apply for a minimum lot, which is defined in the final offer document. Investors should refer to the application form or stock exchange guidelines for specifics.
The company has demonstrated steady financial growth, operates in a high-potential industry, maintains low debt levels, and is led by experienced promoters. These strengths position it well for future expansion.
As of the prospectus date, Kenrik Industries does not have any financial or strategic partnerships. It operates independently within the domestic and export jewellery markets.