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The initial public offering of Arunaya Organics, the specialty dyes and intermediates manufacturer, has fully subscribed, but the offer of jewellery distributor Kenrik Industries remained undersubscribed on the second day of bidding, April 30.

Arunaya Organics IPO

Investors have bought 66.42 lakh shares of Arunaya Organics via its IPO till Wednesday, which were higher by 1.13 times over the offer size of 58.6 lakh shares via 2,232 applications, the subscription data published on the NSE showed.

The public issue will close on May 2.

The Gujarat-based company that provides chemical products to various industries (including textiles, paints, plastics, mining, and food processing) launched its public issue to raise Rs 33.99 crore from the capital markets at the upper price band.

The IPO is a combination of fresh issuance of 52.6 lakh shares worth Rs 30.51 crore, and an offer-for-sale of 6 lakh shares amounting to Rs 3.48 crore. The price band for the offer is Rs 55-58 per share.

Arunaya Organics intends to spend fresh issue proceeds for setting up new manufacturing facility at Dahej, Gujarat, working capital requirements, and general corporate purposes.

Kenrik Industries IPO

The maiden public issue of gold jewellery designer and distributor could not get fully subscribed even on day 2, receiving 51.3 percent subscription. Investors picked 17.94 lakh shares compared to offer size of 34.98 lakh shares via 266 applications.

The company will close its IPO on May 6.

Kenrik Industries that operates on a business-to-business (B2B) model is raising Rs 8.75 crore via public issue for its working capital requirements and general corporate purposes. It is a fixed price issue with offer price of Rs 25 per share.

Turnaround Corporate Advisors is acting as the merchant banker for Kenrik Industries IPO, while the book running lead manager handling Arunaya Organics IPO is Unistone Capital.

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