Kaynes Technologies lists at 32% premium over issue price

After a successful initial public offering (IPO), end-to-end and IoT solutions-enabled integrated electronics manufacturing player, Kaynes Technologies made a strong market debut on Tuesday. The stock is listed at Rs778 per share, with a premium of more than 32% as against its IPO price of Rs587 per share on the NSE.

Around early morning deals, Kaynes Technology shares started trading at Rs775 per share on the BSE. The shares are listed for trading and dealings under the ‘B’ group of securities. The Rs858 crore IPO had received an oversubscription of 34.16 times with a strong appetite across investor categories.

Kaynes IPO was launched on November 10 and ended on November 14. The IPO received an oversubscription of 34.16 times on its final day of bidding. In terms of investors, the portion reserved for qualified institutional buyers (QIBs) subscribed by 98.47 times, while the reserved portion for non-institutional investors (NII) subscribed by 23.07 times and the retail individuals’ portion subscribed by 4.10 times. The allotment of the equity shares in the IPO was done on November 18.

The public issue is priced at a price band of Rs559 per share to Rs587 per share respectively having a face value of Rs10 each.

Kaynes is a Mysore-based company in electronics manufacturing and integrated solutions for the industrial, automotive, aerospace and defense, outer-space, medical, nuclear, railways, Internet of Things (IoT), IT & other sectors. The company has capabilities across the entire spectrum of ESDM services.

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