Kaynes Technology's IPO subscribed 23 pc on day 1, retail portion subscribed 12%
1 min read . Updated: 10 Nov 2022, 09:03 PM IST
PremiumOn Wednesday, Kaynes Technology raised ₹257 crore from anchor investors.
Kaynes Technology initial public public offer has received bids for 24,29,325 shares against 1,04,70,246 shares on offer, thus subscribing 23 percent on November 10, according to NSE data.
The quota for qualified institutional buyers (QIBs) got subscribed 52 per cent while the category for retail individual investors (RIIs) received 12 per cent subscription.
The portion for non-institutional investors was subscribed 10 per cent. The majority bidding was seen from its employees who have bought shares 2.04 times the allotted quota
On Wednesday, Kaynes Technology raised ₹257 crore from anchor investors.
The company's 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 an existing shareholder.
Mysore-based company is a leading end-to-end and IoT (Internet of Things) solutions-enabled integrated electronics manufacturer, Kaynes Technology aims to mobilise ₹857.8 crore from its initial public offering that comprises a fresh issuance of shares worth ₹530 crore and an offer for sale of ₹327.8 crore. The price band for the issue is ₹559-587 per share.
Proceeds from the fresh issue will be used to repay debt, funding capital expenditure for its manufacturing facilities at Mysore and Manesar and for funding working capital requirements.
Investors can bid for a minimum of 25 shares and in multiples of 25 shares thereafter.
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DAM Capital Advisors and IIFL Securities are the book-running lead managers to the IPO.
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