HomeBUISNESS NEWSKaynes Tech IPO opens today: Should you subscribe? Check issue price and...

Kaynes Tech IPO opens today: Should you subscribe? Check issue price and other key details | Markets News


New Delhi: Kaynes Technology India Limited (KTIL) initial public offering (IPO) is opening today (November 10). The 5 day IPO which will close on November 14, comprises fresh issue of equity shares worth Rs 530 crore and an Offer For Sale (OFS) of up to 55.85 lakh equity shares by a promoter and an existing shareholder. The issue, with a price band at Rs 559-587 per share, will close for public subscription on November 14.

Mysore-based Kaynes Technology had on Wednesday said it has collected Rs 257 crore from anchor investors ahead of its initial share sale. 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.

The OFS comprises sale of 20.84 lakh equity shares by promoter Ramesh Kunhikannan and 35 lakh equity shares by existing shareholder Freny Firoze Irani. 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.

Kaynes Technology is a leading end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing services.

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.

The company has eight production plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.

DAM Capital Advisors and IIFL Securities are the book-running lead managers to the issue.

With PTI Inputs



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