Kenrik Industries has launched its IPO with a fixed issue size of ₹8.75 crore. This IPO is a fresh issue of 34.98 lakh equity shares. The subscription window opened on April 29, 2025, and will close on May 6, 2025. The allotment is likely to be finalised on May 7, 2025, and the shares are expected to be listed on the BSE SME platform by May 9, 2025.
The IPO is priced at ₹25 per share. Retail investors need to apply for a minimum lot size of 6,000 shares, which amounts to an investment of ₹1,50,000. High Net-Worth Individuals (HNIs) must apply for at least 2 lots, i.e., 12,000 shares worth ₹3,00,000.
The lead manager handling the IPO is Turnaround Corporate Advisors Private Limited, and Skyline Financial Services Private Ltd is acting as the registrar. Mnm Stock Broking Private Limited has been appointed as the market maker for this issue.
This IPO offers an opportunity for investors to participate in a company engaged in the design and distribution of traditional Indian jewellery.
Industry Outlook
- India’s gems and jewellery market was valued at US$ 78.5 billion in FY21, with total exports reaching US$ 37.73 billion in FY23. Despite a 16.03% dip in FY24 exports, the sector is supported by increasing global demand and trade agreements like CEPA with UAE and ECTA with Australia, helping revive long-term growth.
- India has 10 SEZs for gems and jewellery, housing over 500 units that contribute 30% to total exports. Kenrik Industries can benefit by leveraging SEZ infrastructure and export incentives to increase efficiency and reduce operational costs.
Kenrik Industries IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to use part of the IPO proceeds to meet the company’s working capital needs, helping to support day-to-day business operations and ensure smooth growth.
- The remaining funds will be used for general corporate purposes.
About Kenrik Industries Limited
Kenrik Industries Limited was incorporated on February 28, 2017, under the Companies Act, 2013, as a private limited company. The company is engaged in manufacturing, wholesaling, and supplying plain and studded gold jewellery, primarily focusing on traditional Indian designs. Its offerings include rings, earrings, necklaces, bangles, chains, and other wedding jewellery studded with precious and semi-precious stones like diamonds, rubies, and cubic zirconia.
The company caters to various market segments, including high-end, mid-market, and value customers. All jewellery is crafted based on specific customer preferences and is produced on a job work basis at its manufacturing unit in Ahmedabad, Gujarat.
Kenrik Industries operates on a B2B model, building strong relationships with retailers and wholesalers. Its sales team actively markets products through direct visits and referrals, contributing to business growth. The company deals only in BIS Hallmark-certified jewellery, ensuring the purity and quality of its products.
Without long-term supplier contracts, the company sources gold flexibly from multiple vendors to benefit from competitive prices. Located in a vibrant bullion market, the company enjoys access to a wide range of suppliers.
Guided by promoters Nitinkumar Dalpatbhai Shah and Nihar Nitinbhai Shah, who bring years of industry experience, Kenrik Industries continues to focus on quality, timely delivery, and customer satisfaction.
How To Check the Allotment Status of Kenrik Industries IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Kenrik Industries IPO Online?
- Log in to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Kenrik Industries IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Kenrik Industries IPO
Registered office: B-306, East Face, Behind Maruti Suzuki Showroom, Nr. S P Ring Road, Ambli Road, Ambli, Daskroi, Ahmedabad, Gujarat – 380058
Phone: +91-8460085869
E-mail: cs@kenrikindustries.net
Kenrik Industries IPO Reservation
|
Investor Category |
Shares Offered |
|
Market Maker Shares Offered |
1,80,000 (5.15%) |
|
Other Shares Offered |
16,56,000 (47.34%) |
|
Retail Shares Offered |
16,62,000 (47.51%) |
|
Total Shares Offered |
34,98,000 (100%) |
Kenrik Industries IPO Lot Size
|
Application |
Lots |
Shares |
Amount (in ₹) |
|
Retail (Min) |
1 |
6,000 |
1,50,000 |
|
Retail (Max) |
1 |
6,000 |
1,50,000 |
|
HNI (Min) |
2 |
12,000 |
3,00,000 |
Kenrik Industries IPO Promoter Holding
Nitinkumar Dalpatbhai Shah, Nihar Nitinbhai Shah, Manisha Nitinkumar Shah, Shah Nitin Dalpatlal (HUF) are the promoters of the company.
|
Share Holding Pre-Issue |
99.99% |
|
Share Holding Post Issue |
72.01% |
Note: Equity dilution is determined by subtracting the Share Holding Post Issue from the Share Holding Pre Issue.
Key Performance Indicators for Kenrik Industries IPO
|
KPI |
Value |
|
RoE (%) |
9.01 |
|
RoCE (%) |
10.85 |
|
Debt/Equity |
0.06 |
|
PAT Margin |
1.53 |
Kenrik Industries IPO Prospectus
Kenrik Industries IPO Registrar and Lead Managers
Kenrik Industries IPO Lead Managers
- Turnaround Corporate Advisors Private Limited
Registrar for Kenrik Industries IPO
Skyline Financial Services Private Limited
- Contact Number: 02228511022
- Email Address: ipo@skylinerta.com
Kenrik IndustriesIPO Registrar
Financial Performance of Kenrik Industries Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 7077.05 | 5188.42 |
| Profit after Tax (in ₹ lakh) | 108.46 | 47.44 |
| Earnings per Share (₹) | 1.21 | 0.53 |
| Total Borrowings (in ₹ lakh) | 77.70 | 56.50 |
| Return on Equity (RoE in %) | 9.01 | 4.21 |
| EBITDA (in ₹ lakh) | 146.43 | 66.91 |
Know before investing
Strengths
8Maintains competitive pricing while upholding high-quality jewellery craftsmanship.
Strong distribution network supports timely deliveries across states and markets.
Offers a wide range of jewellery for every taste and budget.
Focus on sustainability appeals to eco-conscious and modern buyers.
Employs skilled artisans with decades of jewellery-making experience.
Enforces strict quality checks backed by BIS-certified gold and silver.
Expands reach through global trade shows and multilingual campaigns.
Invests in automation and lean systems to boost operational efficiency.
Risks
8Gujarat state revenue dependency high at ₹6934.85 lakhs in FY24.
Customer complaints or bad publicity may hurt business and reputation.
Inventory valued at ₹1374.43 lakh may raise holding costs.
Gold price fluctuation impacts customer demand and sales performance.
Negative cash flow reported up to October 2024 raises concerns.
Unregistered jewellery designs risk imitation, affecting brand and revenue.
Theft or fraud incidents could harm operations and financials.
Insurance coverage gaps may not cover unexpected major business losses.
Kenrik Industries Limited Peer Comparison
| Company Name | EPS (Basic) | RoNW (%) | P/E (x) | Dividend Yield |
|---|---|---|---|---|
| Kenrik Industries Limited | 1.18 | 8.42 | - | - |
| Veerkrupa Jewellers Limited | 0.31 | 1.83 | 4.06 | - |
| Motisons Jewellers Limited | 4.3 | 9.82 | 38.68 | - |
| Khazanchi Jewellers Limited | 11.01 | 14.55 | 28.15 | - |
