Engaged in the design and distribution of traditional jewellery, Kenrik Industries Limited, is poised to make its market debut through an Initial Public Offering (IPO) valued at ₹8.75 crores, comprising an entirely fresh issue of 34.98 lakh equity shares. The subscription window for the offering will open on April 29, 2025 and close on May 6, 2025. Investors may follow the company's progress as it prepares for its listing on the BSE SME platform, scheduled for Friday May 9, 2025.
Under this offering, Kenrik Industries Limited will issue equity shares with a face value of ₹10 each at a fixed price of ₹25 per share, with a lot size set at 6,000 shares. Retail investors may participate with a minimum investment of ₹1,50,000 for one lot, while High Net-worth Individuals (HNIs) may invest with a minimum subscription of ₹3,00,000 for two lots. The company has outlined an efficient post-subscription timeline, with share allotment notifications expected on May 7, 2025, and the anticipated listing on May 9, 2025. As Kenrik Industries Limited embarks on this significant milestone, investors are presented with a promising opportunity within India’s evolving jewellery manufacturing sector.
Kenrik Industries Limited IPO is a fundraise worth ₹8.75 crores, comprising purely of a fresh issue with 34.98 lakh shares reserved for the market maker Mnm Stock Broking Private Limited. Retail investors are being offered 50% of the net issue and other investors are being offered 50% of the net issue. The IPO will be available for subscription from April 29, 2025, to May 6, 2025, providing an opportunity for investors looking to gain a stake in the jewellery manufacturing sector.
| Kenrik Industries IPO date | April 29, 2025 - May 6, 2025 |
| Fixed price | ₹25 per share |
| Face value | ₹10 per share |
| Lot size | 6000 shares |
| Issue type | Fixed Price IPO |
| Fresh issue size | 34,98,000 shares amounting to ₹8.75 crores |
| Total issue size | 34,98,000 shares amounting to ₹8.75 crores |
| Listing at | BSE SME |
| Market maker portion | 1,80,000 - Mnm Stock Broking Pvt Ltd |
| Shareholding post-issue | 1,24,97,900 shares |
| Shareholding pre-issue | 89,99,900 shares |
The Kenrik Industries Limited IPO opens for subscription on April 29, 2025, and closes on May 6, 2025, with allotment scheduled for May 7, 2025.
| IPO open date | April 29, 2025 (Tuesday) |
| IPO close date | May 6, 2025 (Tuesday) |
| Basis of allotment | May 7, 2025 (Wednesday) |
| Initiation of refunds | May 8, 2025 (Thursday) |
| Credit of shares to Demat account | May 8, 2025 (Thursday) |
| Listing date on BSE SME | May 9, 2025 (Friday) |
| Cut-off time for UPI mandate confirmation | 5 PM on May 6, 2025 (Tuesday) |
Established in 2017, Kenrik Industries Private Limited is devoted to the design and distribution of traditional Indian jewellery. Its distinguished range encompasses handcrafted gold pieces adorned with precious and semi-precious stones, including diamonds, rubies, and cubic zirconia. Every creation reflects a deep respect for artisanal craftsmanship, blending heritage with refined beauty.
Operating from its facility in Ahmedabad, Gujarat, Kenrik Industries Private Limited follows a Business-to-Business (B2B) model, serving a diverse clientele across the high-end, mid-market, and value segments. With a steadfast focus on quality control, inventory management, and business growth, the company ensures that every piece bears the trusted BIS Hallmark certification, offering both assurance and elegance to its patrons.
Kenrik Industries Limited proposes to utilise the net proceeds from its IPO towards meeting working capital requirements, with an expected allocation of ₹656.30 lakhs, and towards general corporate expenses, estimated at ₹180 lakhs.
As of March 31, 2024, the key performance indicators reflect the company's financial health with a Return on Equity of 9.01%, Return on Capital Employed (ROCE) at 10.85% and a Debt-to-Equity ratio of 0.06. The Return on Net-Worth (RoNW) stands at 8.62%, and the PAT Margin was 1.53%. The company’s market capitalisation is ₹31.24 crores.
| Period Ended | Oct 31, 2024 | March 31, 2024 | March 31, 2023 | March 31, 2022 |
| Revenue | 42.19 | 70.97 | 52.04 | 32.69 |
| Assets | 15.98 | 15.8 | 15.59 | 12.47 |
| Net Worth | 13.37 | 12.59 | 11.5 | 11.03 |
| Profit After Tax | 0.78 | 1.08 | 0.47 | 0.39 |
| Total Borrowing | 0.99 | 0.78 | 0.57 | 0.35 |
Amount in ₹ crores
The pre-IPO EPS is at ₹1.21 while the post-IPO EPS will be ₹1.07. Similarly, the pre-IPO Price to Earnings ratio is 20.74 and will become 23.31 post-IPO.
Kenrik Industries Private Limited has shown impressive financial growth, with revenue rising from ₹32.69 crore in FY22 to ₹70.97 crore in FY24, alongside a steady increase in profits. Its wide range of traditional handmade jewelry, from rings and necklaces to luxury watches and bridal collections, helps it cater to a broad customer base across different price segments. The company’s strong focus on quality, backed by BIS Hallmark certifications, builds customer trust. With experienced leadership, strong promoter confidence, healthy financial ratios like an ROE of 9.01%, and moderate debt levels, Kenrik is well-positioned for steady growth.
In addition, the company’s reasonable IPO valuation makes it attractive for investors looking at the SME segment. Its ability to serve high-end, mid-market, and value-conscious customers through a B2B model gives it flexibility to adapt to market changes. Operating in the growing gems and jewelry sector, and offering both traditional and modern designs, Kenrik has a good opportunity to ride the wave of evolving consumer preferences and rising demand for certified, customised jewelry.
At the same time, Kenrik faces several challenges that investors should be aware of. The company depends heavily on a small number of suppliers for precious materials and lacks long-term contracts with suppliers or customers, exposing it to supply disruptions and price swings. Its weak online presence and limited digital marketing efforts make it harder to connect with younger customers and expand beyond its current markets. With operations mostly restricted to Gujarat, Kenrik also remains vulnerable to regional economic changes and cannot yet tap into larger national or international markets.
Additionally, high production costs due to its emphasis on traditional craftsmanship put pressure on margins. Managing large inventories ties up capital and increases cash flow risks, something the company has struggled with in the past. Dependence on a few key customers for a big chunk of revenue adds another layer of risk. Since both its office and manufacturing units are on leased premises, any lease issues could disrupt operations. Finally, being in the jewelry business means Kenrik is exposed to gold price fluctuations and security risks like theft, and the neutral grey market sentiment suggests muted investor excitement about the IPO.
Being among the early public investors in Kenrik Industries Limited could present an opportunity to participate in the company's growth trajectory in the space of jewellery manufacturing. However, investors should carefully assess multiple factors including the company's operational track record, financial health, sector dynamics, and growth strategy, while also considering their own investment objectives and risk appetite before making an investment decision. It's recommended to review the offer document and seek professional advice if needed to make an informed choice about participating in this IPO.
What is the Kenrik Industries Limited IPO?
The Kenrik Industries Limited IPO is an BSE SME offering consisting of 34.98 lakh equity shares with a face value of ₹10, aiming to raise ₹8.75 crore. The price band has been set to ₹25 per share, with a minimum order quantity of 6000 shares. This IPO will be open for subscription from April 29, 2025, to May 6, 2025. Turnaround Corporate Advisors Private Limited is the book-running lead manager, Skyline Financial Services Private Limited is the registrar while Mnm Stock Broking Private Limited is the market maker.
When will the Kenrik Industries IPO open?
The Kenrik Industries Limited IPO will open for subscription on April 29, 2025, and will close on May 6, 2025.
When is the Kenrik Industries IPO listing date?
The tentative listing date for the Kenrik Industries Limited IPO is Tuesday, May 6, 2025.
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