Kaynes Technology IPO: GMP, share allotment, listing date details inside

Market


The Initial Public Offer (IPO) of Kaynes Technology India received 34.16 times subscription on the last day of offer on Monday. The IPO got bids for 35.76 crore shares against 1.04 crore shares on offer, according to NSE data.

The portion meant for Qualified Institutional Buyers (QIBs) was subscribed 98.47 times, non-institutional investors category got 21.21 times subscription and Retail Individual Investors (RIIs) 4.09 times.

As per market observers, Kaynes Tech shares are available at a premium (GMP) of 138 in the grey market today. The company’s shares are expected to list stock exchanges BSE and NSE on November 22, 2022. Meanwhile, the finalisation of the share allotment is expected to take place this week on Thursday, November 17, 2022. Link Intime India Private Ltd is the registrar of the offer.

Kaynes Technology IPO had a fresh issue of 530 crore and an offer for sale of up to 55,84,664 equity shares. It had a price range of 559-587 a share. The initial share sale was open from Thursday, November 10, 2022 till Monday, November 14. Last week, Kaynes Technology India said it has collected 257 crore from anchor investors.

The company allotted 43.76 lakh equity shares to anchor investors at 587 apiece, aggregating to 257 crore. 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.

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. 

The company also plans to invest in its arm Kaynes Electronics Manufacturing Pvt Ltd for setting up a new facility at Chamarajanagar in Karnataka.

Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing and life-cycle support for major players.

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.

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