Saturday, November 26, 2022

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Kaynes Technology India Limited IPO launched; know issue price, subscription, other key details

Kaynes Technology India Limited: The initial public offering (IPO) of Kaynes Technology India Limited (KTIL) opened on November 10. The five-day IPO, which ends on November 14, includes a 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 public subscription period for the issue, which has a price band of Rs 559-587 per share, will end on November 14.

Kaynes Technology, based in Mysore, announced on Wednesday that it had received Rs 257 crore from anchor investors ahead of its initial share sale. Anchor investors include Nomura, Goldman Sachs, ICICI Prudential Mutual Fund (MF), Axis MF, Aditya Birla Sun Life MF, Tata MF, HDFC MF, and WhiteOak Capital.

Also Read :- Indian companies register almost 62% rise in Sept due to festive sales

New issuance

The OFS consists of promoter Ramesh Kunhikannan selling 20.84 lakh equity shares and existing shareholder Freny Firoze Irani selling 35 lakh equity shares. The proceeds of the new issuance will be used to repay debt, fund capital expenditure for its manufacturing facilities in Mysore and Manesar, and meet working capital requirements.

Kaynes Technology

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

It has provided conceptual design, process engineering, integrated manufacturing, and life-cycle support to major players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, Internet of Things (IoT), Information Technology (IT), and other sectors.

 

The company operates eight manufacturing facilities in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand.

The issue’s book-running lead managers are DAM Capital Advisors and IIFL Securities.

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