Kaynes Technology IPO: Price Band, Lot Size, Issue Size, IPO Dates, GMP And Other Details Here
Kaynes Technology, a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company, share sale via initial public offering (IPO) will open for subscription on November 10 and conclude on November 14. The company is planning to raise Rs 857 crore from the IPO which comprises of fresh issue of Rs 530 crore and Offer For Sale worth Rs 327 crore. (Also Read: Inox Wind IPO Opens On November 11. Should You Invest?)
Here is all you need to know about Kaynes Technology IPO
Kaynes Technology IPO Price Band
Kaynes Technology has fixed the price band at Rs 559-587 per share and retail investors can bid for minimum one lot of 25 shares and maximum of 13 lots. One lot of Kaynes Technology shares in the IPO will cost Rs 14,675.
The bidding for anchor investors will open on November 9, according to the Red Herring Prospectus (RHP).
The company has cut the fresh issue size to Rs 530 crore from Rs 650 crore planned earlier. Besides, there would be an Offer For Sale (OFS) of up to 55.85 lakh equity shares by a promoter and an existing shareholder.
The OFS comprises sale of 20.84 lakh equity shares by promoter Ramesh Kunhikannan and 35 lakh equity shares by existing shareholder Freny Firoze Irani.
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.
Also, the company plans to invest in its arm Kaynes Electronics Manufacturing Pvt Ltd for setting up a new facility at Chamarajanagar in Karnataka.
About Kaynes Technology
Mysore-based Kaynes Technology is a leading end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing services.
The company has eight production plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.
DAM Capital Advisors and IIFL Securities are the book-running lead managers to the issue.
(With PTI inputs)
