Ken Enterprise shares listed at nearly 10 percent discount to its IPO price on the NSE Emerge platform on February 12. 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 shares of Ken Enterprises Ltd. were listed at Rs 85 per share on the NSE SME platform, a discount of 9.57 percent from its issue price. The issue had a price band of Rs 94 and was subscribed 4.36 times between February 5 - 7 in the primary market.
The Ken Enterprises IPO comprised a fresh issue of 61.99 lakh shares amounting to Rs 58.27 crore and an offer-for-sale (OFS) of 27 lakh shares worth Rs 25.38 crore by existing shareholders. Promoters Nikunj Hariprasad Bagdiya and Bina Hariprasad Bagdiya were the selling shareholders in the OFS.
The textile manufacturer, which competes with listed peers such as Laxmi Cotspin and Pashupati Cotspin, plans to utilise the fresh issue proceeds for potential acquisitions, the purchase of new machinery, the renovation of its manufacturing facilities, and working capital needs.
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