Mysore-based Kaynes Technology made a strong debut on stock exchanges BSE and NSE on Tuesday, listing at a premium over issue price to the upper end of the IPO price range. On BSE, Kaynes Technology listed at Rs 775 apiece against the issue price of Rs 559-587. The stock started its trading journey at Rs 778 apiece on NSE — a 32.5 percent premium to the issue price.
Kaynes Technology's IPO, to raise up to Rs 858 crore, started on November 10 and concluded on November 14 with a subscription of 34.2 times. According to provisional exchange data, Kaynes Technology received bids for more than 35 crore shares against the 1.04 crore shares on offer during the subscription period.
The Internet of Things solutions-enabled integrated electronics maker, Kaynes Technology has capabilities across the entire spectrum of Electronics system and design manufacturing (ESDM) companies. The company has eight production plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.
The list of company's anchor investors include The list of anchor investors includes Nomura, Goldman Sachs, ICICI Prudential Mutual Fund (MF), Axis MF, Aditya Birla Sun Life MF, Tata MF, HDFC MF, and WhiteOak Capital.
The company will be looking to raise Rs 858 crore from the IPO, which consists of issuance of fresh shares worth Rs 530 crore along with an offer for sale (OFS) worth Rs 327 crore. The proceeds from the fresh issue will be used to repay debt, funding capex for manufacturing facilities at Mysore and Manesar and capital requirements.
