Ken Enterprises IPO booked 1.5x on first day: Check subscription, price band and key dates

The initial public offering (IPO) of Ken Enterprises Ltd has been fully subscribed to on the first day of bidding. The NSE SME issue was booked 1.5 times till 4 pm on Wednesday, February 5, as per the data available with the National Stock Exchange.

The textile manufacturing company aims to raise ₹83.65 crore from the primary market through its initial share sale. The issue will remain open for subscription till 5 pm on February 7.

Investors placed bids for a total of 1.3 crore shares till 3:40 pm against 84.54 lakh shares on offer.

The demand for Ken Enterprises IPO was led by retail investors who booked their allocation of 42.27 lakh shares 2.5 times. Retail investors have placed bids for 1.08 crore shares so far.

Non-Institutional Investors (NIIs) subscribed their quota 0.51 times, applying for 21.73 lakh shares against 42.27 lakh shares offered for the category.

Here’s a look at all the key details about the issue for the investors interested in applying for the shares of Ken Enterprises Ltd.

Ken Enterprises IPO price band and other details

Ken Enterprises IPO comprises a fresh issue of 61.99 lakh shares, worth up to ₹58.27 crore, and an offer-for-sale (OFS) of 27 lakh shares, aggregating to ₹25.38 crore, taking the total issue size to ₹83.65 crore. The company has reserved 4,45,200 shares for the issue’s market maker.

The company has fixed the price band at ₹94 per share for the IPO, with a face value of ₹10 each. The minimum lot size is 1,200 shares, totalling an investment of ₹1,12,800 for a single lot.

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 the IPO is Giriraj Stock Broking Private Ltd.

Ken Enterprises IPO key dates

The Ken Enterprises IPO allotment status is expected to be finalised on Monday, February 10.

Refunds for non-allottees will be initiated on Tuesday, February 11, along with credit of shares into the demat account of successful bidders.

Ken Enterprises Ltd. has proposed to list its shares on the NSE SME platform on Wednesday, February 12.

About Ken Enterprises and use of IPO proceeds

Ken Enterprises Limited is a seasoned player in the textile manufacturing industry, with an experience of over 20 years. It specialises in design-to-delivery solutions, catering to both the domestic and international markets. The company offers a diverse range of fabrics, including greige and finished textiles. Ken Enterprises Limited exports its products to more than 10 countries.

Ken Enterprises is a key supplier to renowned global brands including ZARA, Target, and Primark. It has two manufacturing units spanning approximately 50,000 square feet in Ichalkaranji in Maharashtra’s Kolhapur.

The company intends to utilise the net proceeds from the IPO to fund unidentified acquisitions in India and abroad, purchase of new machinery and capital expenditure for the renovation of both its manufacturing facilities. A portion of the money will also be used for meeting its working capital requirements.

The company reported a total revenue of ₹332.85 crore for the period ended on November 30, 2024. The profit after tax (PAT) was recorded at ₹9.52 crore during the period. Ken Enterprises reported an EBITDA (earnings before interest, taxes, depreciation and amortization) of ₹17.25 crore in the period under review.

For the financial year ended March 31, 2024, Ken Enterprises’ total revenue was reported at ₹409.12 crore compared to ₹375.22 crore in the preceding fiscal year (FY23). Profit after tax for FY24 was ₹8.92 crore compared to ₹3.94 crore in FY23. The company’s EBITDA stood at ₹19.75 crore in FY24 and ₹4.81 crore in the preceding financial year.