Kaynes Technology IPO opens today: Check share price, lot size and other details

The initial public offering of Kaynes Technology India Limited is set to open today, 10 November. The public issue, which ends on 14 November, includes an offer for sale (OFS) of up to 5,584,664 shares as well as a fresh issue of Rs 530 crore. Promoter Ramesh Kunhikannan and investor Freny Firoze Irani will offload up to 20.84 lakh shares and 35 lakh shares, respectively. According to the red herring prospectus of the Kaynes Technology IPO, the shares are priced at Rs 559-587 apiece. The company aims to raise Rs 857 crore via its public issue. Bid details: Investors can bid in lots of 25 shares, or its multiples thereafter. The company has reserved 50 percent of the issue for Qualified Institutional Buyers (QIB). Of the remaining issue, 35 percent has been set aside for retail bidders and 15 percent for Non Institutional Investors. The proceeds from the fresh issue will be used by Kaynes Technology for debt repayment, working capital requirements and funding capital expenditure on its manufacturing facilities at Mysore and Manesar. The company will also use the IPO proceeds to invest in Kaynes Electronics Manufacturing Pvt Ltd. In October, Kaynes Technology had received approval from the Securities and Exchange Board of India (SEBI) to proceed with its public issue. The bidding for anchor investors took place on 9 November. IIFL Securities and DAM Capital Advisors are the book running lead managers of the public issue. Link Intime India Private Ltd is the registrar of the Kaynes Technology IPO. The company’s shares are expected to list on the BSE and NSE on 22 November. Kaynes Technology’s financials: Kaynes Technology is an end-to-end and an IoT (Internet of Things) solutions-enabled integrated electronics manufacturing player. It provides conceptual design, integrated manufacturing, life-cycle support and other facilities for major players in the industrial, aerospace and defence, automotive, nuclear, medical, railways, information technology and IoT sectors. The company has eight facilities across the country in states like Haryana, Karnataka, Himachal Pradesh, Uttarakhand and Tamil Nadu. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.