Shares of Kaynes Technology will be listed at the bourses on Tuesday. The company has fixed the price at ₹587, at the upper end of price band of ₹559-587.
The IPO bids received tremendous reponse from all categories with issue subscribing over 34 times. The public issue received bids 35.76 crore shares against the offered 1.047 crore shares, according to the data available on the stock exchanges.
Should you subscribe to the Kaynes Technology IPO?The public issue, which closes on November 14, has a price band of ₹559-587
The IPO comprised a fresh issue of equity shares worth ₹530 crore and an offer for sale (OFS) of up to 55.85 lakh equity shares (₹328 crore) by a promoter and existing shareholder.
Proceeds from the fresh issue will be used to repay debt, fund capital expenditure at the Mysore and Manesar manufacturing facilities, and for working capital requirements. The company intends to invest in its arm, Kaynes Electronics Manufacturing Pvt Ltd, to set up a new facility at Chamarajanagar in Karnataka.
Integrated electronics manufacturing had raised ₹256.90 crore from 28 anchor investors by allotting 43.76 lakh shares at ₹587 a share to them. Among them included Malabar Investments, Ashoka Opportunities Fund (White Oak), Government Pension Fund Global, Nomura and Goldman Sachs.