Shares of Kaynes Technology India Limited made a strong market debut on Tuesday with stock listing 778 per share on the NSE, a premium of over 32% compared to its IPO issue price. 587 per share. Trading in the shares of Kaynes Technology started on BSE. 775 each.
“The company has reported strong financial growth, particularly in recent years, and its margins have also improved significantly. It has a diversified business and customer profile and strong expansion in the order book; hence, for a listing premium Allottees applying for public issue are advised to maintain stop loss 710 and wait for further moves, while those with medium to long term perspective can hold the stock by maintaining stop loss. 680,” said Pravesh Gaur, Senior Technical Analyst, Swastik Investmart Ltd.
The Initial Public Offer (IPO) of Kaynes Technology India was subscribed 34.16 times on the last day of the offer which was open from Thursday, November 10, 2022 to Monday, November 14, 2022. The price range of the issue was 559-587 a share.
Kayans Technology IPO was a recent issue of 530 crore and Offer for Sale (OFS) of 55,84,664 equity shares. The OFS included sale of 20.84 lakh equity shares by promoter Ramesh Kunhikannan and 35 lakh equity shares by existing shareholder Frenny Firoz Irani.
company submitted 257 crore from anchor investors ahead of its initial share sale. It allotted 43.76 lakh equity shares to anchor investors 587 each. 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.
The proceeds from the new issue will be used to repay debt, finance capital expenditure for its manufacturing facilities in Mysore and Manesar and finance working capital requirements. The company is also planning to invest in its arm Kaynes Electronics Manufacturing Pvt Ltd to set up a new facility at Chamarajanagar in Karnataka.
Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solution-enabled integrated electronics manufacturing company. The company has eight manufacturing plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.
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