IPO Overview
Originally incorporated on March 23, 2010 as ‘Satabadi Distributor Private Limited’, the company was subsequently renamed R.K. Fashion Accessories Limited and converted to a public limited company in March 2026. Headquartered in Kolkata, West Bengal, R.K. Fashion Accessories is a Kolkata-based fashion jewellery and cosmetics company engaged primarily in manufacturing imitation jewellery through a network of contract manufacturers and skilled artisans, wholesale distribution of that jewellery, and trading of branded cosmetics. The company sells through wholesale distributors, its own e-commerce portal, and shop-in-shop counters.
The company is now launching its SME IPO on NSE Emerge. The IPO is a fully fresh issue of 42,67,200 equity shares with no offer-for-sale component, meaning all proceeds will flow directly into the company. The IPO is priced in a band of ₹77 to ₹82 per share, aggregating up to approximately ₹35 crore at the upper end. The IPO opens on 5 October 2026 and closes on 7 October 2026, with listing expected on 12 October 2026 on the NSE SME Emerge platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME Emerge |
| IPO Open Date | 5 October 2026 |
| IPO Close Date | 7 October 2026 |
| Allotment Date | 8 October 2026 (Expected) |
| Refund Initiation | 9 October 2026 |
| Credit to Demat | 9 October 2026 |
| Listing Date | 12 October 2026 (Tentative) |
| Price Band | ₹77 – ₹82 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹1,31,200 (1 lot = 1,600 shares) |
| Minimum Investment (HNI) | ₹2,62,400 (2 lots = 3,200 shares) |
| Total Issue Size | 42,67,200 shares (up to ₹35 crore) |
| Fresh Issue | 42,67,200 shares (entire issue) |
| Offer For Sale (OFS) | Nil |
| Market Maker Portion | 2,14,400 shares (up to ₹2 crore) |
| Net Issue to Public | 40,52,800 shares (up to ₹33 crore) |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% of net issue (14,32,800 shares) |
| Qualified Institutional Buyers (QIB) | Nil |
| Market Maker | 2,14,400 shares (reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue — no promoter exit. All IPO proceeds will be received directly by the company for business use.
Objects of the Issue (Fund Utilization)
| Purpose | Estimated Amount (₹ Cr) |
| Working capital requirements | ₹1.81 |
| Setting up new plating facility at Baruipur, Kolkata | ₹8.80 |
| Establishing proposed new B2B showroom in Kolkata | ₹5.37 |
| Completion of B2C stores in Kolkata | ₹2.48 |
| General corporate purposes | Remaining proceeds |
Lead Managers & Registrar
- Book Running Lead Manager: Affinity Global Capital Market Private Limited
- Registrar to the Issue: Cameo Corporate Services Limited
Promoters & Management
The company is promoted by four individuals: Mr. Md. Qasim, Mr. Mohammed Usman, Mr. Mohammed Imran, and Mr. Md. Aurangzeb. The promoters bring experience in the fashion jewellery trade and retail distribution business primarily across the Kolkata market.
Company Details
R.K. Fashion Accessories Limited is a Kolkata-based imitation jewellery manufacturer and branded cosmetics trader. The company follows a contract manufacturing model supported by skilled artisans and third-party manufacturers primarily based in Kolkata, enabling it to maintain a wide and varied product range without maintaining large in-house production infrastructure. It distributes products through wholesale channels, its own e-commerce platform, and shop-in-shop counters.
Sectors Served:
- Fashion Jewellery (Imitation / Artificial Jewellery)
- Branded Cosmetics (Trading)
- Wholesale Distribution
- B2C Retail (E-commerce & physical stores)
Key Products:
- Imitation / Fashion Jewellery (manufactured via contract manufacturers)
- Branded Cosmetics (traded)
Key Capabilities:
- Contract manufacturing model with skilled artisan network in Kolkata
- Multi-channel distribution: wholesale, e-commerce, and shop-in-shop counters
- Expanding into B2B showroom and B2C retail stores
Registered Office / Base:
- Kolkata, West Bengal
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹23.88 | ₹4.91 |
| FY26 | ₹30.36 | ₹6.29 |
Note: Revenue grew ~77% and PAT rose ~215% between FY25 and FY26 (restated financials as of March 31, 2026).
Key Financial Metrics
- Revenue grew from ₹23.88 crore in FY25 to ₹30.36 crore in FY26 — growth of ~27% YoY in absolute terms; restated growth stated as ~77%.
- PAT grew from ₹4.91 crore in FY25 to ₹6.29 crore in FY26 — growth of ~28% YoY; restated PAT growth stated as ~215%.
- EBITDA Margin (FY26): ~16.16%
- Pre-issue shares: 1,12,49,563 | Post-issue shares: 1,55,16,763
Company Strengths
- Growing demand for affordable fashion jewellery and personal care products in India, particularly in Tier 2 and Tier 3 markets
- Asset-light contract manufacturing model — reduces capital intensity while enabling product variety
- Multi-channel distribution strategy spanning wholesale, e-commerce, and physical retail
- Strong financial growth — revenue up ~77% and PAT up ~215% on restated basis in FY26
- Entire IPO is a fresh issue — all funds directed towards capacity expansion, new showrooms, and working capital
- Expansion into new plating facility at Baruipur and dedicated B2B and B2C showrooms in Kolkata strengthens business infrastructure
Key Risks & Challenges
- Contract manufacturing dependency: The company relies entirely on third-party contract manufacturers and artisans — any disruption to these relationships can directly impact supply and quality.
- Highly competitive and fragmented market: Imitation jewellery is an extremely competitive space with numerous unorganized players and low entry barriers.
- Small scale of operations: Revenue of ₹30 crore and PAT of ₹6.29 crore in FY26 remain relatively modest, limiting financial resilience.
- Geographic concentration: Business operations and manufacturing network are currently concentrated in Kolkata, limiting geographic diversification.
- SME IPO liquidity risk: Limited secondary market trading volumes on NSE SME Emerge platform, which may make it difficult for investors to exit at desired prices.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
