Kolkata-based R.K. Fashion Accessories made its stock market debut on October 12, 2026, listing at Rs 80 per share on NSE SME against its Rs 82 IPO issue price — a listing discount of 2.44%.
The listing followed a Rs 34.99 crore IPO open from October 5-7, 2026, which consisted entirely of a fresh issue of 42.67 lakh equity shares priced in a band of Rs 77-82. The issue received an overall subscription of 2.70 times, led by QIBs at 14.11 times, with individual investors at 3.11 times and NIIs at 1.77 times.
After listing, the stock slipped further, trading at Rs 76 as of 11:14 AM IST — down 7.32% from the issue price. Intraday high was Rs 80 and the low Rs 76.
The company manufactures imitation jewellery through contract manufacturers and trades branded cosmetics, operating primarily across wholesale, B2B and B2C channels with business concentrated in eastern India. For FY26 it reported total income of Rs 31.54 crore and profit after tax of Rs 6.29 crore, up from Rs 17.82 crore and Rs 2 crore in FY25.
IPO proceeds are earmarked for working capital (Rs 5.21 crore), a new plating facility in Baruipur, Kolkata (Rs 8.80 crore), a new B2B showroom (Rs 5.37 crore), B2C store interiors (Rs 2.48 crore) and inventory (Rs 5.60 crore).
Why it matters for founders
A 14x QIB subscription still produced a discounted listing — a reminder that SME IPO demand and listing-day pricing can diverge sharply. For founders eyeing the SME route, the lesson is to anchor expectations on fundamentals (R.K. Fashion's PAT tripled to Rs 6.29 crore) rather than subscription multiples alone.