arrow-left

Kaynes Technology IPO receives 8.82 times subscription application

  • India Infoline News Service |
  • 14 Nov, 2022 |
  • 2:43 PM
Kaynes Technology India, an electronics manufacturer, saw a strong reaction to its initial public offering, with buyers bidding for 8.6 crore shares against a 1.04 crore offer and subscribing 8.82 times on November 14, the final day of bidding. Shares have been bid on by retail investors at a rate of 2.2 times the permitted quota, while the reserved amount for staff has been taken up seven times.
High-net-worth individuals subscribed 9.83 times as much as qualified institutional buyers (17.82 times). Half of the offer has been set aside by the firm for qualified institutional buyers, followed by retail investors for 35% of the offer and non-institutional investors or high-net-worth individuals for 15% of the offer.

Through its public offering at the higher end of the price range of Rs. 559-587 per share, the electronics system design and manufacturing (ESDM) services company hopes to raise Rs. 857.8 crore. The offer consists of a new share issuance for 530 crore rupees and a sale offer for 327.8 crore rupees from promoter Ramesh Kunhikannan and investor Freny Firoze Irani.
The company would use the proceeds from the latest issue to pay off debts and expand its manufacturing facilities in Mysore, Karnataka, and Manesar, Haryana. With five subsidiaries, and manufacturing facilities in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand, Kaynes conducts business in four business verticals: OEM (turnkey solutions) box build, OEM (turnkey solutions) printed circuit board assemblies, ODM (original design manufacturing), product engineering, and IoT (internet of things) solutions.
November saw the introduction of several initial public offerings (IPOs) totaling more than Rs 9,800 crore, including those for Inox Green Energy Services, Archean Chemical Industries, Five Star Business Finance, Global Health, Bikaji Foods International, Fusion Micro Finance, Keystone Realtors.

For feedback and suggestions, write to us at editorial@iifl.com

Invest wise with Expert advice

ad IconAd Image

Most Read News

Article Image
  • 14 March, 2022 |
  • 7:03 AM

The US Federal committee's meeting will conclude on March 16, 2022.

Most Shared News

No Record Found