Shares of Kaynes Techonology India Ltd made a strong market debut on Tuesday with the stock listing at ₹778 apiece on the NSE, a premium of more than 32% as compared to its IPO issue price of ₹587 per share. On the BSE, Kaynes Technology shares started trading at ₹775 apiece.
The initial public offer (IPO) of Kaynes Technology India received 34.16 times subscription on the last day of offer that was open from Thursday, November 10, 2022 to Monday, November 14, 2022. The issue had a price range of ₹559-587 a share. The IPO got bids for 35.76 crore shares against 1.04 crore shares on offer.
The portion meant for Qualified Institutional Buyers (QIBs) was subscribed 98.47 times, non-institutional investors category got 21.21 times subscription and Retail Individual Investors (RIIs) 4.09 times.
Kaynes Technology IPO had a fresh issue of ₹530 crore and an offer for sale (OFS) of up to 55,84,664 equity shares. The OFS comprised sale of 20.84 lakh equity shares by promoter Ramesh Kunhikannan and 35 lakh equity shares by existing shareholder Freny Firoze Irani.
The company collected ₹257 crore from anchor investors ahead of its initial share sale. It allotted 43.76 lakh equity shares to anchor investors at ₹587 apiece. Nomura, Goldman Sachs, ICICI Prudential Mutual Fund (MF), Axis MF, Aditya Birla Sun Life MF, Tata MF, HDFC MF and WhiteOak Capital are among the anchor investors.
Proceeds from the fresh issue will be used to repay debt, funding capital expenditure for its manufacturing facilities at Mysore and Manesar and funding working capital requirements. The company also plans to invest in its arm Kaynes Electronics Manufacturing Pvt Ltd for setting up a new facility at Chamarajanagar in Karnataka.
Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company has eight production plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.
It has experience in providing conceptual design, process engineering, integrated manufacturing and life-cycle support for major players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, IoT, Information Technology (IT) and other segments.
Download The Mint News App to get Daily Market Updates.
(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
Source link
