Kaynes Technology mobilises Rs 21,000 crores through IPO
MUMBAI, Nov 14 (The CONNECT) – The IPO of Electronics manufacturing major Kaynes Technology was subscribed by over 34 times at the end of the bids’ closure today.
The company has received bids of 35,76,20,400 shares against the offered 1,04,70,246 equity shares, at a price band of ₹559-587, according to the data available on the stock exchanges. The company thus mobilised Rs 21,000 crores, analysts said.
The reserved portion for qualified institutional buyer portion saw a subscription of 98.47 times. Non-Institutional segment saw a response of 21.21 times. Employee portion was subscribed 11.89 times. The Retail Portion saw a subscription of 4.09 times. The issue, with a face value of ₹10 apiece consists of a fresh issue of aggregating to ₹ 530 crore and an offer for sale of up to 5,584,664 shares by promoter and others.
DAM Capital Advisors Limited and IIFL Securities Limited are the BRLMs to the Offer and Link Intime India Private Limited is the registrar to the Offer.
Ramesh Kunhikannan, a technocrat founded Kaynes Technology as a sole proprietorship in 1989 and has over 33 years of expertise in the electronic manufacturing services industry, is the Managing Director. Kaynes Technology was one of the first companies to offer design led electronics manufacturing to original equipment manufacturers using its mature embedded design capabilities. Among the listed space, Kaynes Technology competes with Dixon Technologies India Limited, Syrma SGS Technology Limited and Amber Enterprises India Limited.
KTIL has eight strategically located manufacturing facilities in India, in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand, allowing it to service its customers efficiently and cost-effectively. It had a combined capacity to assemble over 1,500 million a year, with an exclusive line for Green Manufacturing compatible with Directive 2002/95/EC Restriction of Hazardous Substances (RoHS), and under the manufacturing infrastructure includes a design facility and two service centres.