Ken Enterprises IPO Day 2: Check subscription status, GMP and other details

Ken Enterprises IPO: The initial public offering (IPO) of Ken Enterprises opened for subscription on Wednesday, February 5 and will close on Friday, February 7. The company, which aims to raise ₹83.65 crore through the SME IPO, has set a price of ₹94 per share.

Ken Enterprises Day 2 Subscription Status

Ken Enterprises IPO was booked 2.01 times by 11 am on the second day of the issue so far. The retail portion of the public issue was subscribed 3.25 times while the Non-Institutional Investors’ (NII) category received 0.77 times bids.

Ken Enterprises GMP today

The company's shares in the grey market traded at a premium of ₹18. This indicates an estimated listing price of ₹112, up 20 per cent from the IPO price of ₹94.

One must note that grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly.

Ken Enterprises IPO details

The issue is a combination of fresh issue of 61.99 lakh shares aggregating to ₹58.27 crore and offer for sale of 27.00 lakh shares aggregating to ₹25.38 crore. For prospective investors, the minimum lot size for application is 1,200 shares and in multiples thereof. Retail investors are required to invest a minimum amount of ₹1.12 lakh to participate in the offering.

The company plans to utilize the funds raised for several key objectives, including financing unidentified acquisitions in India and abroad, purchasing new machinery, and undertaking capital expenditure for the renovation of both manufacturing facilities. Additionally, a portion of the funds will be allocated to meet working capital requirements. However, the company will not receive any proceeds from the Offer for Sale.

Corporate Makers Capital Ltd. is the book running lead manager of the Ken Enterprises IPO, while Skyline Financial Services Private Ltd is the registrar for the issue. The market maker for Ken Enterprises IPO is Giriraj Stock Broking Private Limited.

The allotment for the Ken Enterprises IPO is expected to be finalized on Monday, February 10, 2025 while the IPO will list on NSE SME with tentative listing date fixed as Wednesday, February 12, 2025.

About the firm

Ken Enterprises Limited, incorporated in 1998, operates in the textile manufacturing sector, producing fabrics for various applications, including apparel, industrial, technical, shirtings, and home furnishings. The company specializes in manufacturing greige fabrics and enhances its production capacity through third-party manufacturing services on a job-work basis in and around Ichalkaranji, Maharashtra, a prominent fabric weaving hub.

With a strong focus on quality and customer satisfaction, the company follows an order-to-order business model, supplying both regular and sustainable greige and finished fabrics. Its product portfolio includes greige, dyed (supported by third parties), printed, and RFD/PFD fabrics.