Kaynes Technology IPO: Latest GMP before stock listing this week

Kaynes Technology India’s Initial Public Offering (IPO) received 34.16 registrations on the last offering day opened from Thursday, November 10, 2022 to Monday, May 14. November 2022. This release has a price range of $559-587 a share. According to NSE data, the IPO received bids for 35.76 crore shares compared with 1.04 crore of shares offered for sale.

According to market observers, Kaynes Tech stock is now priced higher (GMP) $220 in the gray market today. The finalization of the share allocation was done last week and now all eyes are on the listing of shares of the company which is expected to go to market on stock exchanges on Wednesday. Three, November 22, 2022.

Kaynes Technology IPO there is a new problem about $530 crore and an offer to sell (OFS) amounting to 55,84,664 shares of equity. OFS includes the sale of 20.84,000 equity shares by promoter Ramesh Kunhikannan and 35,000 equity shares by existing shareholder Freny Firoze Irani.

The company has collected $257 crore from anchor investors before the initial sale of shares. The company has allocated 43.76 lakh equity shares to investors anchored at $587 per person, summed up to $257 billion. 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 key investors.

Proceeds from the new issue will be used to repay debt, finance capital expenditures for the manufacturing facilities in Mysore and Manesar, and finance working capital requirements. The company also plans to invest in Kaynes Electronics Manufacturing Pvt Ltd branch to establish a new facility at Chamarajanagar in Karnataka.

Founded in 2008, Kaynes Technology is a leading IoT-enabled end-to-end integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing, and lifecycle support to the key players. The company has eight manufacturing plants in Karnataka, Haryana, Himachal Pradesh, Tamil Nadu and Uttarakhand.

It has experience in providing conceptual design, process engineering, integrated manufacturing and lifecycle support to major companies in the automotive, industrial, aerospace and defense sectors, in addition to space, nuclear, medical, railway, IoT, Information Technology (IT) and other fields. segment.

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