Upcoming IPO: Coins Technology’s issue is open this week. Key things to know

The company has cut the new issue size to 530 crores Earlier the plan was made of 650 crores. In addition, there will be an Offer for Sale (OFS) of 55.85 lakh equity shares by a promoter and an existing shareholder. The OFS includes sale of 20.84 lakh equity shares by promoter Ramesh Kunhikannan and 35 lakh equity shares by existing shareholder Frennie Firoz Irani.

The company has pre-IPO Appointment of 23,38,760 equity shares at the cost of 555.85 Acacia Banyan Partners and Volrado Venture Partners Fund II Aggregate 130 crores.

The net proceeds from the fresh issue will be used to pay off debt, finance capital expenditure for its manufacturing facilities in Mysore and Manesar and finance working capital requirements. In addition, the company is planning to invest in its unit, Cannes Electronics Manufacturing Pvt Ltd, to set up a new facility in Chamarajanagar, Karnataka.

Mysore-based Cannes Technology is a leading end-to-end and IoT (Internet of Things) solution-enabled integrated electronics manufacturing player, with 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, railway, IoT, information technology (IT) and other key players. section. The company has eight production plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.