Ken Enterprises IPO Live: Check Day 2 Subscription Status, GMP And Other Key Details

The initial public offering of Ken Enterprises Ltd., which launched on Wednesday, was subscribed 2.01 times on the opening day. The company aims to raise Rs 83.65 crore from the primary markets.

Ken Enterprises is engaged in the business of manufacturing fabrics for various purposes, including apparel, industrial, technical and home furnishings.

As the Ken Enterprises IPO enters day two, here is what interested investors should know about the offer, price band, GMP and other details.

The Ken Enterprises IPO combines a fresh issue of Rs 58.27 crore having 61.99 lakh shares and an offer-for-sale component worth Rs 25.38 crore comprising 27 lakh shares.

The NSE SME IPO will remain open for bidding till Feb. 7. Share allotment for the Ken Enterprises IPO is likely to be done on Feb. 10. Successful bidders will get credit of shares to their demat accounts on Feb. 11, and refunds will be issued to the others on the same day.

Shares of Ken Enterprises are likely to be listed on NSE SME on Feb. 12. Ken Enterprises IPO price band has been set at Rs 94 at a face value of Rs 10 per share. A single lot of the IPO comprises 1,200 shares, taking the minimum investment amount for retail investors to Rs 1,12,800.

Skyline Financial Services Pvt. is the registrar for the Ken Enterprises IPO, while Corporate Makers Capital Ltd. has been chosen as its book-running lead manager. The market maker for the issue is Giriraj Stock Broking.

The Ken Enterprises IPO has been subscribed 3.05 times as of 2:20 p.m. on Thursday, as per the market tracking site Chittorgarh.

• Non-Institutional Investors: 1.04 times

• Retail Investors: 5.06 times

*The subscription status will be updated at regular intervals

Ken Enterprises IPO GMP (grey market premium) fell to Rs 10 apiece on Thursday from a high of Rs 36, recorded on Feb. 4. According to InvestorGain, this projects a listing gain of 10.64% over the issue price, with the debut price of each share being Rs 104.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Textile maker Ken Enterprises Ltd. manufactures fabric for apparel, industrial, technical, shirtings, and home furnishings. The company’s business model is focused on quality and customer satisfaction, supplying regular and sustainable greige and finished fabrics.

The company will use portions of the IPO proceeds for unidentified domestic and foreign acquisition, purchase of new machines, capital expenditure for renovations and general corporate purposes.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.