Karnika Industries Ltd Share Price – NSE

Textiles, Small Cap

Karnika Industries will hold a meeting of the Board of Directors of the Company on 13 November 2023.

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The scrip was listed at Rs 81, up 6.58% over the initial public offer (IPO) price. The stock was currently up 2.53% from its listing price.

The counter hit a high of Rs 85.05 and a low of Rs 81. About 15.76 lakh shares of the company changed hands at the counter.

The initial public offer (IPO) of karnika Industries was subscribed 2.96 times. The issue opened for bidding on 29 September 2023 and it closed on 5 October 2023. The price of the IPO was fixed at Rs 76 per share.

The IPO comprised fresh issue of 32,99,200 shares. The promoter and promoter shareholding diluted to 73.38% from 99.99% pre-IPO.

The company intends to utilize the net proceeds to meet working capital requirement, general corporate purpose and to meet the issue expenses.

Karnika Industries majorly focuses in high quality of fabrics and garments, delivering quality textiles and maintaining long term association with its clients. The company sells its products under brand of KARNIKA and sub category as KARNIKA Care, KARNIKA Cool, KARNIKA Cube, KARNIKA Life, KARNIKA Key, KARNIKA Club. As on 31 March 2023, the company has 221 employees on payroll.

The company recorded revenue from operations of Rs 124.59 crore and net profit of Rs 8.26 crore for the period as on 31 March 2023.

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