Fabrics manufacturer Ken Enterprises launched its maiden public issue to raise Rs 83.65 crore. It is a fixed price issue with offer price at Rs 94 per share.
The initial share sale of 88.99 lakh shares will open for subscription on February 5 and close on February 7. This will be the second public issue from the SME segment for the next month.
The IPO is a combination of fresh issuance of 61.99 lakh shares worth Rs 58.27 crore, and an offer-for-sale of 27 lakh shares worth Rs 25.38 crore by existing shareholders.
Promoters Nikunj Hariprasad Bagdiya, and Bina Hariprasad Bagdiya will be the selling shareholders in the offer-for-sale.
The textile manufacturer which competes listed peers like Laxmi Cotspin, and Pashupati Cotspin, intends to utilise fresh issue proceeds for unidentified acquisitions, purchase of new machinery, renovation of both manufacturing facilities, and working capital requirements.
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Maharashtra-based Ken Enterprises operates as a design-to-delivery solutions provider for both greige and finished fabrics. It supplies fabrics for leading international brands such as ZARA (Inditex Group), Target and Primark.
The company will finalise the IPO share allotment by February 10, while investors can start trading in Ken shares on the NSE Emerge, effective February 12.
Corporate Makers Capital is the book running lead manager to the issue.
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