The intial public offering of Kaynes Technology India Limited opens for public subscription today and will close on November 14.
Kaynes Technology India Limited has fixed the IPO price band as ₹559-587 and the market lot is 25 shares.
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While 50 per cent is reserved QIBs, the retail investors and NIIs can subscribe up to 35 per cent and 15 per cent, respectively.
The IPO comprises fresh issue of equity shares worth ₹530 crore and an Offer For Sale (OFS) of up to 55.85 lakh equity shares by a promoter and 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.
Ahead of the issue, the company on Wednedsay garnered ₹256.90 crore from anchor investors by allocating 43.76 lakh shares at ₹587 a share to them.
Among the anchor investors included FPIs such as Nomura, Goldman Sachs, Eastspring Investments, Public Sector Pension Investment Board, Ashoka India Opportunities Fund (White Oak), Government Pension Fund Global, Malabar Investments, Carmignac, Theleme, MK Cohesion and India Acorn ICAV.
Proceeds from the fresh issue will be used to repay debt, funding capital expenditure at Mysore and Manesar manufacturing facilities and for working capital requirements. The company also intents to invest in its arm Kaynes Electronics Manufacturing Pvt Ltd for setting up a Bukkry.com”>Bukkry.com”>Bukkry.com”>New facility at Chamarajanagar in Karnataka.
Besides, shares have been allocated to domestic institutions such as Volrado Venture Fund (ENAM), White Oak Mutual Fund, Abakkus, ICICI Prudential MF, Axis Mutual Fund, Nippon Life India, Aditya Birla Sun Life, Mirae Asset, Franklin India and Tata Mutual Fund
Kaynes Technology has eight manufacturing facilities in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand. As on June 30, 2022, Kaynes had an order book of ₹2,266.26 crore, securing orders across business verticals.
DAM Capital Advisors Limited and IIFL Securities Limited are the book-running lead managers and Link Intime India Private Limited is the registrar to the offer.