Kaynes Technology debuts with a premium

23 Nov 2022 , 01:43 PM

During their debut on the public exchange on Tuesday, shares of Kaynes Technology India increased by almost 18%. Shares of Electronics System Design and Manufacturing (ESDM) closed at Rs 690, up Rs 103 or 18% from the share’s issue price of Rs 587. On the BSE, the share price fluctuated between Rs 675 and Rs 787.

The promising response to Kaynes’ Rs 858-crore IPO led to its positive listing. There were over 30 subscriptions for the first offering. Kaynes raised 530 crore rupees through the IPO in new funding. This money will go toward paying off debt and growing the company’s manufacturing space. The company had a value of almost Rs 4,000 crore at the most recent closure. On sales of Rs 706 crore, Kaynes had profits of Rs 41.7 crore in FY22.

“With a strong order book of Rs 2266 crore as of June 30, 2022, and an exceptional 3-year CAGR Revenue/PAT growth of 38%/111%, respectively, along with operational margins that top the industry. Kaynes will continue to advance along the ESDM value chain. The business expects to lower its debt, fund working capital needs, and triple its current capacity with the additional offering of Rs 530 crore, all of which will increase its growth prospects, according to Anand Rathi’s pre-IPO note.

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