Kaynes Technology IPO: GMP, subscription status after two days. Apply or not?

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Kaynes Technology IPO: The initial public offering (IPO) of Kaynes Technology India Ltd opened for subscription on 10th November 2022 and after two days of subscription, the public issue has been subscribed 1.10 times. Its retail portion has been subscribed 0.47 times whereas the public offer has been oversubscribed 3.22 times in first two days of bidding. Meanwhile, shares of Kaynes Technology India Ltd are available at a premium of 85 per share in grey market today. Kaynes Technology IPO GMP today Market observers said that Kaynes Technology grey market premium (GMP) today is 85, which is 10 higher from its Friday GMP of 75 per equity share. This means, grey market is expecting that Kaynes Technology IPO listing would be around 672 ( 587 + 85), which is around 14 per cent higher from its price band of 559 to 587 per equity share. They said that grey market has gone bullish on the public issue after change in sentiments on Dalal Street. Kaynes Technology IPO subscription status After two days of bidding, the public issue worth 857.82 crore has been subscribed 1.10 times whereas its retail portion has been subscribed 0.47 times. In employees category, the public offer has been subscribed 3.22 times while in QIB category, the IPO has been subscribed 2.45 times. Kaynes Technology IPO: Apply or not? On whether one should buy Kaynes Technology IPO or not, Anand Rathi says, “On the valuation front at the upper band of the IPO price Kaynes is demanding PE of 81.9x its TTM earnings attributable to post issue equity demanding a market cap of Rs. 34,129 million which we believe is fairly priced considering its decent historical growth, strong revenue visibility and growing demand of automation across underlying industries. We recommend ‘SUBSCRIBE for long term’ rating to this IPO.”

Giving ‘subscribe’ tag to the IPO, Ventura Securities says, “At the IPO price of INR 587 (upper price band), KTIL is valued at FY25 P/E of 26.1X. Considering the growth opportunities in the EMS sector due to sector tailwinds and strong fundamentals of KTIL, we recommend a SUBSCRIBE rating with a price target of INR 675 (30X FY25 P/E), which represents an upside of 15.0% over the IPO price in 18 months.”

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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