Kaynes Technology IPO Opens Today At A Price Band Of ₹559-587
Mysore-based Kaynes Technology India company has revealed that it has collected ₹257 crore from its anchor investors ahead of its initial share sale.
Today is the first day of the first public offering (IPO) for Kaynes Technology India Limited (KTIL) (November 10).
A fresh issue of equity shares valued at ₹530 crore and also an Offer For Sale (OFS) of up to 55.85 lakh equity shares by a promoter plus an existing shareholder are both included in the five-day IPO, which will end on November 14.
The public subscription period for the issuance, with a price range of ₹ 559-587 per share, will end on November 14.
Prior to its inaugural share offering, Mysore-based Kaynes Technology reported on Wednesday that it had received ₹ 257 crore from its anchor investors.
Nomura, Goldman Sachs, ICICI Prudential Mutual Fund (MF), Axis MF, Aditya Birla Sun Life MF, Tata MF, HDFC MF, and WhiteOak Capital are a few of the anchor investors.
The OFS entails the sale of 35 lakh equity shares by current shareholder Freny Firoze Irani and 20,84,001 equity shares by promoter Ramesh Kunhikannan.
The fresh issue’s proceeds will be used to pay down debt, support capital projects for the company’s manufacturing sites in Mysore and Manesar, and meet working capital needs.
With expertise in the full range of electronics system design and production services, Kaynes Technology is a prominent end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics production player.
It has expertise working with significant players in the automotive, industrial, aerospace and defense, outer space, nuclear, healthcare, railways, IoT, information technology (IT), and other segments to provide conceptual design, process engineering, integrated production, and life-cycle support.
In Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand, the company operates eight manufacturing facilities.
The issue’s primary managers for the book-running are DAM Capital Advisors and IIFL Securities.