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Gold jewellery distributor Kenrik Industries' initial public offering was subscribed 24.01 percent on April 29, the first day of bidding, backed largely by retail investors. The fixed price issue is going to close on May 6.

Investors have picked 8.4 lakh shares compared to offer size of 34.98 lakh shares via 137 applications, the subscription data on the exchanges showed. Out of which, retail investors bid 8.04 lakh shares, and non-institutional investors 36,000 shares.

Gujarat-based Kenrik Industries that operates on a business-to-business (B2B) model offering variety of jewelleries and ornaments aims to raise Rs 8.75 crore via maiden public issue at a price of Rs 25 per share.

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The IPO proceeds will be utilised for working capital requirements, and general corporate expense.

The merchant banker handling the Kenrik Industries IPO is Turnaround Corporate Advisors.

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