Connect with us

The Plunge Daily

Ahead of IPO, Kaynes Technology garners Rs 257 cr from anchor investors

Ahead of IPO, Kaynes Technology garners Rs 257 cr from anchor investors


Ahead of IPO, Kaynes Technology garners Rs 257 cr from anchor investors

Kaynes Technology India Limited (KTIL) on Wednesday said it has collected Rs 257 crore from anchor investors ahead of its initial share sale that opens for public subscription on Thursday.

The company has allotted 43.76 lakh equity shares to anchor investors at Rs 587 apiece, aggregating to Rs 257 crore, according to a circular uploaded on the BSE website. Nomura, Goldman Sachs, ICICI Prudential Mutual Fund (MF), Axis MF, Aditya Birla Sun Life MF, Tata MF, HDFC MF and WhiteOak Capital are among the anchor investors, it added.

Also read: US-India CEO Forum officially launched to bolster bilateral business ties

The company IPO comprises fresh issue of equity shares worth Rs 530 crore and 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. The issue, with a price band at Rs 559-587 per share, will open for public subscription November 10 and conclude on November 14. 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.

It has experience in providing conceptual design, process engineering, integrated manufacturing and life-cycle support for major players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, IoT, Information Technology (IT) and other segments. 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.

Click to comment

Leave a Reply

Your email address will not be published.

To Top