Ken Enterprises made a weak stock market debut on February 12, listing at a discount of 9.57 percent to its issue price on the NSE Emerge platform. The Maharashtra-based textile company that provides design-to-delivery solutions for fabrics started trading at ₹85 a share, compared to its IPO price of ₹94 a share.
The company, which supplies fabrics to global brands like ZARA, Target, and Primark, saw its IPO subscribed 4.36 times between February 5-7. The issue consisted of a fresh issue of 61.99 lakh shares to mobilize ₹58.27 crore and an offer-for-sale (OFS) of 27 lakh shares, totaling ₹25.38 crore, by the existing shareholders.
Promoters Nikunj Hariprasad Bagdiya and Bina Hariprasad Bagdiya offloaded shares in the OFS. The company will use the IPO proceeds for acquisitions, buying new machinery, renovation of manufacturing facilities, and working capital.
Ken Enterprises competes with listed competitors like Laxmi Cotspin and Pashupati Cotspin in the textile sector.
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Source: Moneycontrol
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