PNN
Ahmedabad (Gujarat) [India], April 29: Gujarat based Kenrik Industries Ltd, company engaged in the design and distribution of traditional Indian jewellery is planning to raise up to Rs. 8.75 crore from its SME public issue. The company has received approval to launch its public issue on BSE SME Platform. The public issue open for subscription on April 29 and closes on May 6. The Proceeds of the public issue will be used for business expansion including Funding working capital requirements and general corporate purposes. * Turnaround Corporate Advisors Private Limited is the lead manager of the issue.
The initial public offering of Rs. 8.75 crore comprises of a fresh issue of 34.98 lakh equity shares of face value Rs. 10 each at Rs. 25 per share. Out of the fresh issue of Rs. 8.75 crore, the company plans to utilise Rs. 6.56 crore towards meeting working capital requirements and Rs. 1.8 crore towards the general corporate purpose. Minimum lot size for the application is 6000 shares, which translates into an investment of Rs. 1,50,600 per application. Retail investor quota for the IPO is kept at 47.51% of the offer. Promoter holding post issue will be 72.01%.
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. Company 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.
For FY23-24 ended March 2024, company has reported net profit of Rs. 1.08 crore and revenue of Rs. 70.97 crore. As on 31st March 2024, ROE, ROCE and RONW of the company stands at 9.01%, 10.85% and 8.62% respectively.
For the seven months ended 31 October 2024, the company reported revenue of Rs. 42.19 crore and Net Profit of Rs. 78 lakh. As of 31 October 2024, the company's net worth was reported at Rs. 13.37 crore, and its Asset base was Rs. 15.98 crore. Shares of the company will be listed on the BSE SME platform.
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