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The initial public offering of gold jewellery distributor Kenrik Industries has remained undersubscribed even on its third day of bidding. The subscription which opened on April 29 will remain open till May 6.

Investors have bought 27.42 lakh shares in last three days, which were 78 percent of the offer size of 34.98 lakh shares, via 418 applications, the subscription data available on the BSE showed.

Out of which, retail investors picked 24.6 lakh shares via 410 applications, and non-institutional investors 2.82 lakh shares via 8 applications.

Ahmedabad-based Kenrik Industries plans to mobilise Rs 8.75 crore via maiden public issue, while it fixed the price at Rs 25 per share.

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Most of these IPO proceeds will be utilised for working capital requirements, and the remainder for general corporate purposes.

The company that operates on a business-to-business (B2B) model is engaged in th design and distribution of traditional Indian jewellery.

Turnaround Corporate Advisors is acting as the merchant banker for Kenrik Industries IPO.

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