Ken Enterprises
Fixed Price issueSMENSE₹83.65 Cr issue
-9.57%
Listing gain over issue price
Issue size
₹83.65 Cr
1 lot at cut-off
₹1,12,800
Lot size
1,200shares
Open
05 Feb 2025
Close
07 Feb 2025
Allotment
10 Feb 2025
Listing
12 Feb 2025
Listing performance
Issue price
₹94
Listed at
₹85
Listing-day close
₹80.75
Latest price
₹40.60
Close on 23 Oct 2026
Listing gain
-9.57%
Return since issue
-56.81%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 05 Feb 2025 – 07 Feb 2025
- Listing date
- 12 Feb 2025
- Face value
- ₹10 per share
- Issue price
- ₹94 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Listing at
- NSE
- Total issue size
- ₹83.65 Cr
- Market cap at offer price
- ₹231 Cr
- Promoter holding
- 81.21% → 49.72% pre-issue → post-issue
- ISIN
- INE15DO01012
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Corporate Makers Capital Ltd.
- Registered office
- 9/621, Industrial Estate, Near Kalyan Kendra, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 4,45,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹94
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,12,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,25,600 |
| S-HNI (max) | 8 | 9,600 | ₹9,02,400 |
| B-HNI (min) | 9 | 10,800 | ₹10,15,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹94 per share
Valuation and performance
Valuation at offer price
₹94 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.86 | 5.82 |
| P/E (×) | 19.34 | 16.15 |
| Price to book (×) | 3.85 | — |
| Market cap | — | ₹231 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 19.90%
- ROCE
- 51.52%
- Debt / equity
- 0.09
- PAT margin
- 2.22%
- NAV per share
- ₹24.42
- Price to book
- 3.85
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ken Enterprises
Ken Enterprises Limited (KEL), formerly Ken Enterprises Private Limited, is an ISO 9001:2015 certified textile company with over 25 years of experience in fabric manufacturing. The company operates as a design-to-delivery solutions provider for both greige and finished fabrics, serving domestic and export markets in 10+ countries. KEL manufactures greige fabrics through its own facilities and third-party manufacturers on a job work basis, with a combined installed capacity of 145 lakh square meters per annum. The company is an approved vendor for leading international brands including ZARA (Inditex Group), Target, and Primark. KEL exports sustainable and regular greige fabrics and offers diverse fabric types such as structures, seer suckers, double layer, three layer, four layer, chambrays, and fashion fabrics with metallic yarns for applications including women's fashion wear, men and kids shirts, home textiles, embroidery, and light canvas.
Company Analysis
from RHPKen Enterprises Limited is a textile manufacturer producing regular and sustainable greige fabrics for domestic and export markets across fabric business and apparel divisions.
Ken Enterprises Limited (KEL), formerly Ken Enterprises Private Limited, is an ISO 9001:2015 certified textile company with over 25 years of experience in fabric manufacturing. The company operates as a design-to-delivery solutions provider for both greige and finished fabrics, serving domestic and export markets in 10+ countries. KEL manufactures greige fabrics through its own facilities and third-party manufacturers on a job work basis, with a combined installed capacity of 145 lakh square meters per annum. The company is an approved vendor for leading international brands including ZARA (Inditex Group), Target, and Primark. KEL exports sustainable and regular greige fabrics and offers diverse fabric types such as structures, seer suckers, double layer, three layer, four layer, chambrays, and fashion fabrics with metallic yarns for applications including women's fashion wear, men and kids shirts, home textiles, embroidery, and light canvas.
Textile ManufacturingFabric ProductionApparelFashion
Objects of the Issue
- Unidentified Acquisitions in India and abroad ₹625.00 lakhs p.19
- Purchase of New Machinery ₹453.30 lakhs p.19
- Capital Expenditure for renovation of both Manufacturing Facilities ₹376.54 lakhs p.19
- To meet Working Capital Requirements ₹2,500.00 lakhs p.19
- General Corporate Expenses Up to ₹1,347.89 lakhs p.19
- Issue Expenses Up to ₹524.52 lakhs p.19
- Unidentified Acquisitions in India and abroad ₹625.00 lakhs p.76
- Purchase of New Machinery ₹453.30 lakhs p.78
- Capital Expenditure for renovation of both Manufacturing Facilities ₹376.54 lakhs p.78
- To meet Working Capital Requirements ₹2,500.00 lakhs p.74
- General Corporate Purposes Upto ₹1,347.89 lakhs p.82
- Issue Expenses Upto ₹524.52 lakhs p.83
Issue Structure
- Total Issue
- Up to ₹8,365.25 lakhs
- Fresh Issue
- Up to 61,99,200 equity shares of ₹10/- each aggregating to ₹5,827.25 lakhs
- Offer for Sale
- Up to 27,00,000 equity shares of ₹10/- each aggregating to ₹2,538 lakhs
- Price Band
- ₹94/- per equity share
- Lot Size
- 1,200 equity shares
- Face Value
- ₹10/- per equity share
Business Model
KEL generates revenue from the sale of regular and sustainable greige fabrics to both domestic and international customers. The company manufactures products through its own in-house manufacturing plants and third-party manufacturers on a job work basis. Revenue is earned primarily through design-to-delivery solutions for greige and finished fabrics sold to domestic and export markets.
Business Segments
Design-to-delivery solutions for greige and finished fabrics for domestic and export markets
Apparel manufacturing and related services
The company manufactures woven fabrics through in-house facilities and third-party job-work, followed by dyeing, printing, and finishing processes to create high-quality structured and designed fabrics for sale to domestic and international customers
Manufactures unfinished, unbleached fabric from cotton and multi-fiber blends for further processing by customers. Serves applications including apparel, home textiles, industrial use across multiple widths from 18 inches to 148 inches wide.
Provides dyed, printed, and ready-for-dyeing (RFD)/prepared-for-dyeing (PFD) finished fabrics through third-party processors. Serves diverse applications including apparel, home furnishings, and industrial textiles.
Sells fabrics to domestic apparel exporters, manufacturers, and retailers in India. Revenue from domestic sales for FY 2023-24 was ₹30,731.55 lakhs (76.41% of total revenue).
Exports fabrics to 10+ countries including South Korea (79.78% of exports), Bangladesh, Italy, Thailand, Mexico, and others. Serves international apparel exporters and brands. Export revenue for FY 2023-24 was ₹9,489.23 lakhs (23.59% of total revenue).
The Company operates in single business segment i.e. Textile manufacturing. The company manufactures and exports greige and finished fabrics catering to domestic and export markets, offering diverse fabric ranges including structures, seer suckers, double layer, three layer, four layer, chambrays, and fashion fabrics with metallic yarns for various applications.
SWOT Analysis
Strengths
- • Over 25 years of textile manufacturing expertise with ISO 9001:2015 certification(p.18)
- • Approved vendor for leading international brands including ZARA, Target, and Primark(p.18)
- • Strong export presence across 20+ countries with diversified product range(p.18)
- • Award-winning company recognized by cotton textiles export promotion council(p.18)
- • Design-to-delivery solutions provider with established customer relationships(p.18)
- • Diversified service offerings and strong client base(p.85)
- • Experienced promoter and management team with quality assurance focus(p.85)
- • Cost competitiveness and time-bound delivery capabilities(p.85)
- • Strong financial performance with 11.23% revenue CAGR and 25.43% EBITDA CAGR(p.87)
- • High return on capital employed at 40.24% as of November 2024(p.87)
- • Positive operating cash flow of ₹1,798.78 lakhs in eight months ended November 2024(p.87)
- • Approved vendor status with international brands ZARA, Primark, and Target(p.122)
- • Multiple international sustainability certifications including GOTS, GRS, OCS, BCI, OEKO-TEX, and Higg Index(p.122)
- • Asset-light business model leveraging third-party manufacturers in Ichalkaranji textile hub(p.130)
- • Strong export track record with TEXPROCIL awards and growth to 10+ countries(p.122)
- • Robust financial performance with improving profitability metrics(p.129)
- • Experienced management with 26+ years in textile industry(p.129)
- • Diverse product portfolio offering ~1,000 SKUs as single-point sourcing solution(p.130)
- • Fast development and short delivery capabilities with design-to-delivery solutions(p.130)
- • Established textile manufacturing expertise with 20+ years experience(p.227)
- • Approved vendor for leading international brands with diversified product range(p.227)
- • Experienced management team with deep textile industry knowledge(p.181)
- • Strong profitability improvement trajectory with PAT margin expansion(p.234)
- • Export presence across 10+ countries demonstrating global reach(p.227)
- • Strong skilled workforce with 228 employees(p.227)
Weaknesses
- • Dependence on third-party job work manufacturers creates operational risk(p.25)
- • Historical statutory compliance issues including delayed ROC filings(p.26)
- • Unregistered trademarks and brand vulnerabilities(p.27)
- • Negative cash flows in prior periods affecting liquidity(p.27)
- • Geographic concentration of all operations in single location Ichalkaranji, Maharashtra(p.27)
- • High working capital requirements and significant inventory and receivables levels(p.35)
- • Missing historical documentation and company records(p.26)
- • Heavy dependence on third-party logistics with no international office presence(p.35)
- • Dependency on third-party manufacturers for weaving of high value structured fabrics(p.78)
- • Concentration of manufacturing facilities at Ichalkaranji location(p.78)
- • Limited track record with no prior acquisitions or strategic partnerships(p.77)
- • Significant exposure to raw material and freight cost fluctuations(p.109)
- • High concentration among top 10 customers representing 35-39% of revenue(p.128)
- • High concentration among top 10 suppliers representing 37-49% of total purchases(p.129)
- • Dependence on third-party manufacturers for 64.73% of sales via job work without formal agreements(p.123)
- • Export concentration with South Korea accounting for 79.78% of export revenue(p.136)
- • Trademark applications opposed - four trademark applications pending opposition(p.140)
- • High dependence on concentrated customer base(p.237)
- • Low net profit margins despite high revenue volumes(p.236)
- • Significant outstanding litigations on trademark applications(p.241)
- • Multiple personal guarantees provided by promoters on substantial debt(p.179)
- • High financial leverage with substantial debt obligations(p.223)
- • Reliance on external financing with multiple lenders(p.200)
- • Multiple GST tax proceedings pending with significant amounts involved(p.243)
- • Trademark registration applications opposed by competitor(p.250)
- • Multiple trademark oppositions by Mahesh Gupta claiming prior rights to KENT mark(p.250)
- • Material trade payables to specific creditors(p.244)
- • Pending fire safety NOC for second factory location(p.250)
Opportunities
- • Expansion of manufacturing capacity through new machinery acquisition(p.19)
- • Unidentified acquisitions in India and abroad to drive growth(p.19)
- • Capital expenditure for renovation and re-innovation of manufacturing facilities(p.19)
- • Enhancement of working capital to support business growth(p.19)
- • Public listing enabling future capital raising and brand enhancement(p.42)
- • Strategic expansion through forward and backward integration acquisitions(p.76)
- • Growth through acquisition of value-added structured fabric manufacturers with innovative technologies(p.76)
- • Increasing domestic consumption and rising exports in Indian textile industry(p.109)
- • Significant government support through PLI and PM Mitra schemes(p.109)
- • India positioned as key player in global textile industry with USD 165 billion market size(p.109)
- • India's strong and sustained economic growth trajectory supporting textile sector demand(p.108)
- • India's MMF textile exports projected to grow 75% by 2030 to USD 11.4 billion(p.117)
- • Government support via PLI scheme with ₹10,683 crore allocation for MMF apparel, fabrics, and technical textiles(p.116)
- • India's apparel market projected to grow from USD 74.5 billion (2022) to USD 102.2 billion (2026)(p.113)
- • Polyester demand in India forecast to grow from 4 million tonnes to 6.7 million tonnes by 2025 (15% CAGR)(p.113)
- • Bangladesh's garment industry struggles creating opportunities for Indian textile supply chain diversification(p.110)
- • Growing demand for sustainable and eco-friendly textiles aligns with company's certifications(p.114)
- • Expanding geographic footprint with presence in 10+ export countries offering growth potential(p.134)
- • Rising urbanization in India with urban population expected to reach 40% by 2030 driving apparel demand(p.113)
- • Expand market presence leveraging business disruptions in Asia-Pacific region(p.237)
- • Growing international sales with 15% year-on-year growth(p.237)
- • Increase volumes from existing key domestic clients(p.237)
- • Scale expansion to improve operational efficiency and fixed cost distribution(p.238)
- • Migration pathway to NSE Main Board with positive financials trajectory(p.254)
- • SME Exchange listing providing growth capital and visibility(p.254)
- • Compulsory market making support for three years post-listing(p.269)
- • Access to public capital market through IPO to fund growth(p.255)
Threats
- • Dependence on South Korean market representing 79.78% of export revenue as of November 2024(p.32)
- • Intense competition from organized and unorganized textile manufacturers(p.34)
- • Currency exchange rate fluctuations affecting export competitiveness(p.32)
- • Evolving and uncertain regulatory environment in India(p.33)
- • Environmental and occupational health & safety compliance risks(p.36)
- • Labor-intensive operations vulnerable to wage inflation and work stoppages(p.30)
- • Shift in customer buying patterns away from greige fabrics(p.34)
- • Absence of long-term contracts with customers creating revenue volatility(p.34)
- • Vulnerability to disruptions in transportation and logistics(p.35)
- • Macroeconomic headwinds and Indian economic slowdown risks(p.40)
- • Competition from low-cost textile producers in other countries(p.109)
- • Margin pressures in textile mills due to cost challenges despite stabilized cotton prices(p.109)
- • Spinning sector under-utilization from reduced yarn imports and sluggish local consumption(p.109)
- • Global supply chain disruptions and geopolitical tensions affecting freight and input costs(p.109)
- • Exposure to monsoon dependency affecting raw material agriculture and inflation(p.106)
- • Intense competition from low-cost producers in Bangladesh and Vietnam(p.120)
- • Fluctuating raw material prices, particularly petroleum-based synthetic fibers impacting margins(p.120)
- • Stringent environmental regulations requiring substantial investment in cleaner technologies(p.120)
- • Rising labor costs pressuring synthetic textile manufacturers' competitiveness(p.120)
- • Market demand fluctuations influenced by changing fashion trends and economic conditions(p.120)
- • Shifting consumer preferences towards sustainable and ethically produced textiles(p.121)
- • Textile industry characterized by intense competition from entities of varying sizes globally and domestically(p.137)
- • Synthetic textiles non-biodegradable nature contributing to textile waste problem(p.120)
- • Volatility in raw material prices impacting margins(p.238)
- • Intense competition in textile manufacturing industry(p.239)
- • Foreign exchange and currency fluctuation risks(p.208)
- • Dependence on export markets subject to global economic conditions(p.227)
- • Potential adverse regulatory and policy changes(p.228)
- • Regulatory compliance and GST risk exposures affecting operations(p.243)
- • Intellectual property litigation risk from well-established competitor(p.251)
- • Pending fire safety and legal metrology registrations creating operational risk(p.250)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nikunj Hariprasad Bagdiya | Promoter | 48.35% | — |
| Bina Hariprasad Bagdiya | Promoter | 28.99% | — |
| Nikunj Hariprasad Bagdiya | Promoter | 48.35% | 36.15% |
| Bina Hariprasad Bagdiya | Promoter | 28.99% | 21.68% |
| Krishnakumar Hariprasad Bagdiya | Promoter Group | 3.87% | 2.89% |
| Nikunj Hariprasad Bagdiya | Promoter | 48.35% | — |
| Bina Hariprasad Bagdiya | Promoter | 28.99% | — |
| Nikunj Hariprasad Bagdiya | Promoter, Managing Director and Chairman | 48.35% | — |
| Bina Hariprasad Bagdiya | Promoter | 28.99% | — |
Leadership
Nikunj Hariprasad Bagdiya · Managing Director/Promoter
Bina Hariprasad Bagdiya · Promoter
Sachin Janardan Mulay · CFO
Shailja Dubey · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Ken Enterprises IPO FAQs
What is the lot size of Ken Enterprises IPO?
The minimum lot size of Ken Enterprises IPO is 1,200 shares. One lot costs ₹1,12,800 at the cut-off price.
When does Ken Enterprises IPO open and close?
Ken Enterprises IPO opened for subscription on 05 Feb 2025 and closed on 07 Feb 2025.
What is the listing date of Ken Enterprises IPO?
Ken Enterprises IPO listed on 12 Feb 2025.