R.K.Fashion Accessories IPO 2026: SME Issue, Dates, Price & Details
· 9 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
The ₹34.99 Cr SME IPO of R.K.Fashion Accessories Limited is open for bidding from 05 Oct 2026 to 07 Oct 2026. Explore the company's business model, issue terms, financial track record, and key operational risks.
Direct answer: The ₹34.99 Cr SME IPO of R.K.Fashion Accessories Limited opened on 05 Oct 2026 and closes on 07 Oct 2026, with a price band of ₹77.0 to ₹82.0 per share and a minimum application size of 3200 shares (₹2,62,400). Track live issue updates with BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
R.K.Fashion Accessories IPO: Key Dates, Price Band, and Issue Structure
R.K.Fashion Accessories Limited is raising ₹34.99 Cr through a book-built fresh issue of 40,52,800 equity shares on the NSE SME platform (NSE Emerge). The bidding period opened on 05 Oct 2026 and closes on 07 Oct 2026. Shares are offered in a price band of ₹77.0 to ₹82.0 per share with a face value of ₹10.0 each. The allotment status is scheduled to be finalized on 08 Oct 2026, followed by refunds and credit of demat shares on 09 Oct 2026, with listing anticipated on 12 Oct 2026.
| Item | Value | As of |
|---|---|---|
| Price band | ₹77 – ₹82 | 6 Oct 2026 |
| Lot size | 1600 shares | 6 Oct 2026 |
| Issue size | ₹34.99 Cr | 6 Oct 2026 |
| Fresh issue | ₹33.23 Cr | 6 Oct 2026 |
| Exchange | NSE SME | 6 Oct 2026 |
| Issue type | SME | 6 Oct 2026 |
| Face value | ₹10 | 6 Oct 2026 |
| Opens | 5 Oct 2026 | 6 Oct 2026 |
| Closes | 7 Oct 2026 | 6 Oct 2026 |
| Allotment | 8 Oct 2026 | 6 Oct 2026 |
| Listing | 12 Oct 2026 | 6 Oct 2026 |
| Registrar | Cameo Corporate Services Ltd. | 6 Oct 2026 |
| Subscription (total) | 0.44× | 6 Oct 2026 |
| GMP | ₹7 (unofficial, indicative) | 6 Oct 2026 |
The issue structure reserves specific quotas for different investor categories in accordance with statutory norms. Retail investors can apply for a minimum and maximum lot of 3200 shares, requiring a minimum capital outlay of ₹2,62,400 at the upper cap. Non-Institutional Investors (NII / HNI) can participate across small and big HNI categories, with the minimum bNII application set at 4800 shares (₹10,49,600). Further details regarding the issue and full disclosures are available on R.K.Fashion Accessories on BuyUnlistedShares.
The summary table above outlines the key offering metrics, valuation parameters, and capital structure of R.K.Fashion Accessories Limited per the offer documents filed with the exchange.
| Category | Reservation Share | Number of Shares Offered |
|---|---|---|
| QIB | Not more than 50% of Net Issue | 4,32,000 |
| NII (HNI) | Not less than 15% of Net Issue | 16,06,400 |
| sNII | Sub-category | 5,36,000 |
| bNII | Sub-category | 10,70,400 |
| Retail | Not less than 35% of Net Issue | 24,03,200 |
| Market Maker | Reservation Portion | 2,14,400 |
Live Subscription Status and Grey Market Indicator
As of 05 Oct 2026, the overall issue subscription stood at 0.4x. Demand across investor categories varied, with the Qualified Institutional Buyers (QIB) segment subscribed 14.11x, Non-Institutional Investors (NII) subscribed 0.62x (bNII at 0.93x), and the Retail portion subscribed 0.01x during initial bidding updates.
The chart above displays the progressive category-wise subscription trends captured across bidding hours on 05 Oct 2026, highlighting initial institutional demand alongside retail response.
In the grey market, the unofficial and indicative grey market premium (GMP) was recorded at ₹7.0 per share (+8.54% over the upper price band of ₹82.0) as of 05 Oct 2026 at 16:07 IST. Investors should note that grey market premiums are purely unofficial and indicative indicators, subject to market fluctuations, and do not represent a guaranteed listing price or returns forecast. To stay informed about upcoming SME and mainboard issues, investors can monitor the comprehensive IPO calendar maintained by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Business Overview: Imitation Jewellery and Cosmetic Trading
Incorporated in March 2010, R.K.Fashion Accessories Limited operates as a manufacturer (primarily through third-party contract manufacturers and Karigars) and wholesale distributor of imitation jewellery, alongside trading branded cosmetics. The company markets its products under proprietary brand names such as "City Girl" and "Manikya".
Its product portfolio encompasses both traditional and contemporary designs across categories including bangles, earrings, necklaces, chains, rings, bracelets, mangalsutras, sets, and CZ/American Diamond (AD) jewellery tailored for daily wear, festive, and bridal segments. The business model combines B2B wholesale distribution, e-commerce retailing, and corporate shop-in-shop (SIS) retail tie-ups. As of 31 Mar 2026, the company operated approximately 120 shop-in-shop counters and processed over 10,000 monthly e-commerce orders, while employing 50 permanent staff members.
In Fiscal 2026, B2B wholesale revenue accounted for ₹2,505.41 lakhs (82.53% of total revenue from operations), while retail operations contributed ₹530.30 lakhs (17.47%). Comparatively, wholesale represented 72.24% in FY25 and 55.99% in FY24. For insights into other public offerings across diverse sectors, readers can explore analysis on Inox Clean Energy IPO 2026: Business Model, Debt & Valuation as well as SME coverage like Eventions IPO Open in 2026: SME Issue Terms, Dates & Financials.
Financial Performance and Key Metrics
Per the restated financial statements, R.K.Fashion Accessories has expanded its revenue base over recent fiscal periods. Total income increased from ₹14.46 Cr in FY24 to ₹17.82 Cr in FY25 and reached ₹31.54 Cr in FY26. Profit After Tax (PAT) expanded from ₹0.95 Cr in FY24 to ₹2.00 Cr in FY25 and ₹6.29 Cr in FY26. For the three-month period ended 30 Jun 2026 (Q1 FY27), the company posted a total income of ₹7.49 Cr and PAT of ₹1.83 Cr.
The chart above outlines the annual progression of total income, EBITDA, PAT, and net worth from FY24 through FY26, as reported in the restated financial disclosures.
As of 31 Mar 2026, the company reported a Return on Equity (ROE) of 48.4%, Return on Capital Employed (ROCE) of 57.74%, Return on Net Worth (RoNW) of 38.9%, and a PAT margin of 20.71%. Total borrowings stood at ₹1.70 Cr, resulting in a conservative debt-to-equity ratio of 0.11x. Pre-issue Net Asset Value (NAV) per share was ₹14.37. Investors seeking to evaluate private and pre-IPO capital opportunities can utilize the Unlisted shares screener for sector comparative data.
Objects of the Issue, Strengths, and Key Risks
The company intends to utilize the net fresh issue proceeds of ₹27.47 Cr across strategic growth initiatives and capital expansion:
- Plating Facility: ₹8.80 Cr allocated towards establishing a new plating facility at Baruipur, Kolkata, West Bengal.
- B2B Showroom: ₹5.37 Cr to finance the establishment of a proposed new B2B showroom in Kolkata.
- Inventory Capital: ₹5.60 Cr for inventory cost associated with the new showroom and retail outlets.
- B2C Retail Expansion: ₹2.48 Cr for completion of B2C stores in Kolkata.
- Working Capital Requirements: ₹5.21 Cr (as per allocation breakdown) to meet ongoing operational liquidity needs.
- General Corporate Purposes: Residual funds subject to statutory limits.
Business Strengths: The company relies on established relationships with third-party artisans skilled in traditional Bengali jewellery craft, combined with a multi-channel distribution strategy (B2B wholesale, e-commerce platforms, and corporate shop-in-shop arrangements). Its top 10 B2B customers maintain an average relationship tenure of 4.77 years.
Key Risk Factors:
- Customer Concentration: The top 10 customers contributed 15.15% (₹459.92 lakhs) of total sales in FY26, 20.24% in FY25, and 21.61% in FY24. The loss of key retail accounts could impact financial performance.
- Supplier Dependence: The top 10 suppliers accounted for 45.85% of raw material purchases in FY26. Volatility in copper, brass, and gold prices directly impacts procurement costs.
- Contract Manufacturing Model: Manufacturing is heavily dependent on external job workers and Karigars based in Kolkata who operate independently without long-term exclusive contracts.
- No Long-Term Order Books: Business operates on anticipated fashion trends rather than firm long-term customer purchase orders, creating inventory write-off risks if new designs fail to gain market traction.
- Geographic Concentration: West Bengal accounts for the majority of operational revenues and current B2C footprint expansion.
- Historical Cash Flows: The company has experienced negative cash flows from operating, investing, and financing activities in prior periods.
Peer Comparison: Per the DRHP as of 31 Mar 2026, listed peer Banaras Beads Ltd reported basic EPS of ₹2.46, NAV of ₹95.97, P/E ratio of 44.31x, and RoNW of 2.57%. In comparison, R.K.Fashion Accessories Limited reported basic EPS of ₹5.59 and a post-issue P/E ratio of 17.41x at the upper price cap of ₹82.0.
For additional details regarding SME offerings, unlisted shares valuation, or allocation enquiries, visit our primary portal or get in touch through our team page at BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Frequently Asked Questions
What are the opening and closing dates for R.K.Fashion Accessories IPO?
The SME IPO opens on 05 Oct 2026 and closes for public bidding on 07 Oct 2026. The allotment is expected to be finalized on 08 Oct 2026, with listing on the NSE SME platform scheduled for 12 Oct 2026.
What is the price band and minimum investment required?
The price band is set at ₹77.0 to ₹82.0 per share. Retail investors must apply for a minimum lot size of 1600 shares, but the minimum retail order quantity is 3200 shares, requiring an application amount of ₹2,62,400 at the upper price limit.
What does R.K.Fashion Accessories Limited do?
Incorporated in 2010, the company manufactures (via contract artisans) and wholesales imitation jewellery under brands such as "City Girl" and "Manikya", alongside trading branded cosmetics across B2B, e-commerce, and shop-in-shop retail channels.
How will the company utilize the proceeds raised from the fresh issue?
The net proceeds will fund a new plating facility at Baruipur (₹8.80 Cr), a new B2B showroom in Kolkata (₹5.37 Cr), inventory costs for expanding outlets (₹5.60 Cr), completion of B2C stores (₹2.48 Cr), working capital, and general corporate purposes.
Does BuyUnlistedShares recommend subscribing to this IPO?
BuyUnlistedShares does not provide investment advice, buy/sell recommendations, or issue verdicts. We provide objective market data, offer document extracts, and historical financial disclosures. Investors should assess their own risk tolerance and consult a registered financial advisor before investing.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
